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DIVERSIFIED Financial Network Inc. (DFNN) is set to
fold in a Cambodian slot machine operator and is eyeing similar
deals in Japan and Singapore through its wholly-owned gaming
subsidiary.
In a disclosure to the Philippine
Stock Exchange, DFNN said Singapore-based unit Pacific Gaming
Investments Pte Ltd. (PGI) has concluded due diligence on Poseidon
Co. Ltd., a Cambodian slot machine operator, which would be acquired
this month.
Results of the due diligence
showed that Poseidon posted revenues of $21.23 million for the
seven-month period that ended in December last year with a net
profit of $1.086 million.
DFNN disclosed that PGI would be
acquiring 90 percent of Poseidon for $4.2 million through a locally
incorporated company in Cambodia called PGI Cambodia.
Miguel Manzano, DFNN director
told The Manila Times on Thursday that the company is also eyeing
similar deals around the region and is negotiating with several slot
machine and online gaming operators in Singapore and Japan as part
of PGI’s aggressive expansion program.
He however was mum on how much
the company is willing to spend for these firms as the possible
deals in the two countries are still at the preliminary stage.
Earlier, DFNN announced that
Hatchasia Inc., its business process outsourcing (BPO) leasing unit,
would be selling up to 33 percent of the company for the first time
by the second half this year. Hatchasia aims to raise P100 million
to P200 million in fresh capital to fund its expansion to the
provinces and possible acquisitions.
The firm is looking at expanding
its operations—mainly the provision of BPO facilities to start up
and established firms that need shared facilities and resources in
the IT, logistics and education sectors—in new growth areas like
Clark, Subic and Tarlac. Besides being on the look out for
opportunities in online gaming and education, Hatchasia may also
consider acquiring BPO operations and assets.
At present, Hatchasia has about
9,000 square meters of office space in Fort Bonifacio leased out to
companies like Marubeni Power Corp. and a Filipino animation studio.
Another DFNN unit, Intelligent
Wave Inc., would still push through with its planned maiden share
offering to the public also by the second half this year to raise
about $5 million to $6 million to boost its manpower and
infrastructure.
The software development
subsidiary initially planned to expand operations and increase
personnel from 100 to 500 while developing software for business
applications with some Japanese companies.
--Likha C. Cuevas-Miel
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