Bourse suspends IT firm DFNN trading

The Philippine Stock Exchange on Monday suspended the trading of IT solutions provider and systems integrator Diversified Financial Network Inc. (DFNN) following the firm’s announcement that its subsidiary has bought additional stake in a gaming company operating in Southeast Asia. The PSE said the suspension will remain in effect "pending disclosure...of the complete terms and conditions of the… transaction". DFNN has announced that its Singapore-based subsidiary, Pacific Gaming Investments Inc. (PGI), has completed the purchase of over 33.3 percent of gaming firm Interactive Entertainment Technology Solutions. The company, reportedly valued at $2.5 million, is involved in event betting, sports betting, and financial spread betting. With the purchase, PGI obtained management control, and an option to acquire the remaining 66.7 percent upon the listing of PGI on a suitable exchange. "PGI has also begun due diligence on a number of cashflow-positive and operational slot machine arcades in Cambodia and the Philippines with the end goal of acquiring these arcades," said Ramon Garcia Jr, DFNN chairman and chief executive officer and also chairman of PGI. - GMANews.TV