Singapore-based firm eyes stake in DFNN unit Pacific Gaming

A Singapore-based company has offered to buy $7 million (about P322 million) worth of shares of Pacific Gaming Investments Pte Ltd, the overseas gaming arm of listed DFNN, Inc. DFNN told the Philippine Stock Exchange on Monday Straitwey Pte Ltd, a wholly owned unit of the Japan Gaming Development Organization (JGDO), would buy primary and secondary shares of Pacific Gaming. Pacific Gaming, which is registered in Singapore, will use the money to partially fund a hike in its investment stake in Inter-Active Entertainment Solutions Technologies, Inc., which operates an online gaming operation under the Philippine Gaming and Amusements Corp. The company will also use the fund for its working capital and other investments in the gambling industry, DFNN said. Pacific Gaming’s board approved the so-called nonbinding deal on December 31. “The primary share investment gives a pre-money valuation to Pacific Gaming of $80 million (about P3.8 billion)," DFNN told the bourse. Under the deal, Straitwey, which the JGDO uses to invest in projects within the gaming industry, will have 30 days within which to complete its due diligence. In May last year, DFNN said Singaporean technology service provider Fastech Synergy Ltd. wanted to buy up to 100 percent of Pacific Gaming for about $91 million. Last December 21, DFNN told the exchange it had received an e-mail from Fastech informing it that it would push back its hiring of a financial adviser to this month because of the Christmas Holidays. — NPA, GMANews.TV