Gaming Firm to Invest in DFNN Gaming Unit

MANILA, Philippines - Publicly-listed solutions provider and systems integrator, DFNN, Inc. recently announced that its Singapore-based gaming unit, Pacific Gaming Investments Pte Ltd., is entering into an agreement with Straitwey Pte Ltd., to generate funds needed to increase Straitwey's stake in another gaming company.

The agreement will see Straitwey, a wholly-owned subsidiary of the Japan Gaming Development Organization, infuse some $7 million in Pacific Gaming which in turn will be used to fund Straitwey's increased stake in Inter-Active Entertainment Solutions Technologies, Inc., a firm operating under an online gaming license from the Philippine Amusement and Gaming Corporation (PAGCOR).

Straitwey is expected to conduct due diligence on Pacific Gaming and once the agreement is consummated, the former is expected to invest $7 million on primary and secondary shares of the latter.

DFNN further added that Pacific Gaming will be using part of the investment as working capital as well as other investments in the gaming industry.

Posted 11 Jan 2010