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Manila Bulletin devider Business devider The Stock Market devider DFNN raising P450 M, partners with Spanish IT firm

DFNN raising P450 M, partners with Spanish IT firm

Published Mar 18, 2024 07:47 am

Publicly-listed information technology firm DFNN Inc. is planning to raise P450 million in additional capital to fund new businesses and pay debt while announcing the formation of a joint venture company with a Spanish partner.

The firm told the Philippine Stock Exchange (PSE) that its Board of Directors has approved the authority to obtain private placements to raise additional capital of up to P450 million.

Proceeds will be used to pay existing debt, to expand the business by venturing into cybersecurity and Artificial Intelligence (AI) business or create or acquire new gaming platforms; and to pay taxes and fees for issuance and listing of the new shares arising from the private placements. 

The DFNN board also granted exclusive authority to Nautilus International Management Corp. to subscribe or designate investors to the Private Placement. 

The company board authorized the president and/or treasurer to accept the subscriptions and execute relevant subscription agreements. It also delegated the authority to the management to set the price for the subscriptions.

Meanwhile, the DFNN board resolved to incorporate a joint venture company with Consulting Informatico de Cantabria S.L. (CIC) that would allow the latter to expand its operations and to support the Philippines and other Asian countries with the cooperation and in coordination with DFNN.

CIC, an entity registered in Spain, specializes in providing a comprehensive suite of solutions for mission-critical infrastructures. 

As an esteemed engineering and IT project development company, CIC has been at the forefront of innovation since its inception in 1990. Starting its journey in Spain, it has expanded its reach globally, establishing a presence in over 30 countries worldwide.

Its partners include industry giants such as Microsoft, Apple, Oracle, Dell, Cisco, and Amazon Web Services. Clients include PTT and Siemens.

CIC offers turnkey projects that encompass software development and IT integration, ICT infrastructures, and cybersecurity. 

Additionally, CIC develops products such as Assets Management & Support, IT Consultancy, and Applications and infrastructures maintenance. The company serves various sectors, including electricity, telecom, oil and gas, railways, and government and public administration.

The joint venture will allow CIC to expand its operations and to support the Philippines and other Asian countries with the cooperation and in coordination with DFNN.

The transaction aligns seamlessly with DFNN's expansion program and empowering it to pursue joint ventures with foreign entities. This strategic move promises to enhance the DFNN's investment income, bolstering its financial outlook and positioning it for sustained growth, DFNN said.
 

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