An affiliate of gaming and technology firm DFNN, Inc. has signed a deal to buy a majority stake in a casino operator listed in the Australian Stock Exchange.
In a disclosure on Thursday, DFNN said its affiliate HatchAsia, Inc. has executed a deed of company arrangement to acquire 92% of the issued share capital of Silver Heritage Group Ltd.
Silver Heritage is the Australia-listed casino operator that has two casinos in Nepal.
The deal with Silver Heritage was done through HatchAsia’s wholly owned Australian subsidiary Hatch Australia Holdings Pty Ltd. DFNN owns an 18.98% stake in HatchAsia.
“Hatch Australia has signed and executed the deed of company arrangement to take control of Silver Heritage Group Limited, a company listed in the Australian Stock Exchange,” DFNN said in Thursday’s disclosure.
The consideration for the transaction is AUD530,000 (about P18.74 million) in cash and 3% of the issued shares in Silver Heritage.
“[T]he (deed) will be effected via the acquisition of (approximately 92% of Silver Heritage’s issued share capital) through a consolidation of shares of existing shareholders and a new issue of ordinary shares for (Hatch Australia),” it added.
In its earlier disclosure, DFNN said the acquisition will give it access to a wider capital base and introduce it to new international markets.
The company swung to an P83.49-million attributable net loss in the first six months of the year, weighed by the closure of gaming operations due to the coronavirus pandemic. Its revenues dropped 48% to P333.2 million.
DFNN shares shed five centavos or 1.56% to P3.15 each on Thursday. — Denise A. Valdez