Connect with us

Hi, what are you looking for?

Economy

DFNN affiliate gains control of listed Australian gaming operator

AN AFFILIATE of gaming and technology Filipino firm DFNN, Inc. has acquired 92% of the issued share capital of a casino operator listed on the Australian Stock Exchange (ASX), the company told the local bourse on Monday.

This comes around two months after DFNN’s affiliate HatchAsia, Inc. received a letter of no objection from Australia’s Foreign Investment Review Board on its planned acquisition of majority of Australian casino operator Silver Heritage Group Ltd.

HatchAsia, which is 18.98% owned by DFNN, is engaged in building solutions for fintech, gaming and payment solutions for utilities, among others.

DFNN said that HatchAsia had gained control of the Australia-based Silver Heritage.

“Today, DFNN was informed that on January 22, 2021 (professional services firm) KPMG (and) Deed Administrators of SVH disclosed to the ASX the completion and execution of the Deed of Company Arrangement (DOCA) effecting the acquisition of 92% of the issued share capital of the latter,” DFNN said. 

The Philippine firm said that additional information would be disclosed to the Philippine Stock Exchange “as necessary.”

In September, DFNN signed a deal to purchase a majority stake in Silver Heritage. It added that the acquisition was worth P18.74 million or AU$530,000 in cash, and 3% of issued shares.

Silver Heritage operates and manages casinos in Nepal and Vietnam. It also manages electric gaming operations in Laos and Cambodia.

DFNN shares on Monday were unchanged at P4.96 apiece. — Angelica Y. Yang

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

THE PHILIPPINES lags regional peers in terms of the share taken up by solar and wind energy in its power mix, energy think tank...

Economy

THE PHILIPPINE government tempered its economic growth target for this year, as rising inflation and ballooning debt threaten to hamper the economy’s recovery from...

Economy

By Keisha B. Ta-asan SOURED LOANS held by Philippine banks declined for a third straight month in May, bringing the nonperforming loan (NPL) ratio...

Economy

THE NATIONAL Government is hoping local government units (LGUs) will channel their expanded budgets into raising agricultural output, Finance Secretary Benjamin E. Diokno said....

Economy

THE MARCOS administration should immediately address power supply shortages and high electricity rates, which are affecting businesses in the country, the Philippine Chamber of...

Economy

MANILA Electric Co. (Meralco) has confirmed receipt of an order from the Energy Regulatory Commission (ERC) directing the country’s largest power distribution utility to...

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Economy

Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...

Investing

Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...

Investing

As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.