DFNN subsidiary iWave eyes Singapore backdoor listing
MANILA, Philippines — A subsidiary DFNN Inc. will soon be listed in the Singapore Exchange (SGX) after it acquires the listing status of China Sky Chemical Fiber Co. Ltd., according to the publicly listed gaming solutions provider.
In a statement, DFNN said its iWave Inc. unit entered into a binding agreement with China Sky to transfer the latter’s listed status to the former for 4.45 million Singaporean dollars or $3.2 million.
“The consideration shall be in the form of shares in the listing vehicle to be distributed among eligible creditors and eligible shareholders of China Sky via a Scheme of Arrangement, as allowed under SGX rules,” DFNN said.
China Sky and iWave Inc. are in the process of negotiating an implementation agreement, DFNN added.
iWave Inc. — led by its president and CEO Ramon Garcia, who is also concurrent DFNN chair — is a fintech company engaged in systems integration, software, and technology development.
Its principal activity is the provision of software consultancy, systems integration, and services for financial institutions, specifically in the payment gateway, core banking systems, audit platforms, credit card systems, secure identification and capture, and cybersecurity.
Its major clients include manufacturing firms, retail outlets, and other companies investing in digital technologies to improve productivity.
Forty-nine percent-owned by DFNN, iWave’s listing in SGX will expand the company’s footprint in Singapore and across the region. The city-state has a stated policy of welcoming entrepreneurs around the world to locate in Singapore.
“DFNN shareholders welcome iWave’s planned listing in SGX,” Garcia said. “Once completed, iWave will become one of only three Filipino companies to be listed in the prestigious Singapore Stock Exchange. Aside from credibility, SGX listing will give our firm greater access to global capital and the chance to offer our services to a wider customer base.”
iWave is among DFNN’s existing subsidiaries which include Inter-active Entertainment Solutions Technologies Inc.; HatchAsia Inc.; and PGI Systems Pte Ltd.
At present, DFNN is active in gaming technology, serving over 200 gaming outlets nationwide with current expansion plans to introduce new outlets, products, and technology. DFNN also provides critical information technology solutions to corporate clients including financial institutions in the Philippines and abroad.
Last April, the company incorporated a new subsidiary that will function as a holding firm for future acquisitions.
