A P310-million arbitral award to technology solutions provider DFNN Inc. – which won a legal dispute with the state-controlled Philippine Charity Sweepstakes Office (PCSO) over “illegal” termination of a lotto equipment leasing deal – has become final and executory. In a disclosure to the Philippine Stock Exchange on Wednesday, DFNN said it had received a…
THE COURT of Appeals (CA) affirmed the award of over P310 million to DFNN, Inc. for the premature termination of an equipment lease agreement with the Philippine Charity Sweepstakes Office (PCSO). People fill-up lotto tickets at a PCSO outlet in Manila. — BW FILE PHOTO In a decision issued on Nov. 17, the appellate court dismissed…
A COURT upheld an earlier decision to award DFNN, Inc. P310 million for damages arising from the premature termination of its lease agreement with the Philippine Charity Sweepstakes Office (PCSO). In decision dated May 18, the Regional Trial Court of Makati City denied the motion of PCSO to reconsider the amount of the arbitral award,…
DFNN Inc., a publicly listed IT firm, registered a significant milestone of turning around its bottom line from a comprehensive loss to a positive income. The company reported a comprehensive income of P79.60 million last year, a notable turnaround from a comprehensive loss of P126.70 million in 2014. Consolidated revenue reached P259.85 million, up 183.8…
A Makati regional trial court has ruled that DFNN Inc. should get P310 million from the Philippine Charity Sweepstakes Office and not the P27 million decided by an arbitration panel last year, the company said Monday. “This is to inform the Philippine Stock Exchange Inc. that today, DFNN Inc. received a copy of the Decision…
GAMING firm DFNN Inc. said it would triple the number of its terminals next year, as the company said it will spend more on its systems as it expands its operations that may include sports betting and acquiring another firm. Ramon Garcia, the company’s president and CEO, said the company will increase its terminals to…
Listed gaming technology provider DFNN Inc. expects to more than double the number of its Instawin terminals next year. Ramon Garcia, president and chief executive officer of DFNN, said the company was on track with regard to its targets for the year, giving them the confidence to aim for greater heights in 2016. “Our budget…
In this interview with CalvinAyre.com, DFNN COO Ricky Banaag gives an update on the status of mobile gaming in the Philippines. There is an Asian country that has great potential for mobile gaming—the Philippines. Ricky Banaag, COO of DFNN, said the Philippines is a “mobile-first” kind of country with a smartphone-loving market that is already ripe for mobile gaming…
TECHNOLOGY solutions provider DFNN Inc. is cleaning up its books to wipe out P643 million in capital deficit and become capable of declaring dividends soon. In a disclosure to the Philippine Stock Exchange on Monday, DFNN said its board had approved the issuance of 8.3 million common shares to various existing shareholders by virtue of…
LISTED DFNN, Inc. said it will conduct a quasi-reorganization to remove the deficit in its retained earnings, as the information technology solutions provider moves to declare dividends soon. In a special board meeting last Friday, DFNN’s board of directors approved the issuance of 8.31 million common shares to existing shareholders through a debt-to-equity conversion. “The…