Gaming technology company DFNN Inc is aiming to expand its offshore gaming operations with the establishment of a new entity. DFNN said its board of directors has approved the incorporation of Nico Bayan Inc, which will have an authorized capital stock of PHP15 million (US$293,500). DFNN also announced it will subscribe to PHP5 million worth of Nico Bayan’s outstanding shares.
The company said in a disclosure to the Philippine Stock Exchange that Nico Bayan will be used as a vehicle for the expansion of its offshore gaming operations. Ramon Garcia Jr, DFNN executive vice-chair and executive director, said the new unit is expected to add to its revenue significantly. According to the Philippine Amusement & Gaming Corp (Pagcor) website, there are now 56 licensed Philippine offshore gaming operators (POGOs) in the country. DFNN holds an existing POGO licence.