DFNN board OK’s increase in authorized capital stock to P1 billion

THE BOARD of listed gaming technology company DFNN, Inc. has approved an increase in its authorized capital stock to P1 billion.

In a stock exchange disclosure on Monday, DFNN said that its board approved on Feb. 2 an increase in its capital stock to P1 billion from P500 million.

Following this approval, the company will issue up to 500 million common shares as a subscription to the increase.

“The amendments will increase the authorized capital of DFNN which will allow DFNN to issue additional shares to potential investors,” the company said.

In a separate disclosure, DFNN said the Bureau of Internal Revenue issued on Jan. 19 the certificate authorizing registration (CAR) for the sale of its subsidiary Nico Bayan, Inc. to Double Crown Holdings Corp.

According to the DFNN, the issuance of the CAR effectively transfers the ownership of Nico Bayan to Double Crown Holdings.

The CAR is needed to finalize the disposition of shares.

Nico Bayan is a company that develops software solutions.

In September last year, DFNN’s board authorized the sale of Nico Bayan to Vanguard Investments for P2 million. Vanguard Investments then assigned any and all of its rights to purchase shares of Nico Bayan to Double Crown Holdings.

The company said the deal seeks to streamline its current technology operations reporting, focusing on revenue generation and optimizing wholly owned resources and improving overall profitability.

Shares of DFNN rose improved by eight centavos or 2.68% to P3.07 each on Monday. — Revin Mikhael D. Ochave