Philippines-listed DFNN Inc. has incorporated a new entity to expand its offshore gaming operations, according to a filing from DFNN to the stock exchange on Wednesday.
The company in question, Nico Bayan, will have an authorized capital stock of P15 million (US$293,437). Out of the subscription of DFNN, it will own 100 percent of the outstanding shares of the capital stock of Nico Bayan in the amount of P5 million.
“The incorporation of Nico Bayan is intended to be used as a vehicle for the expansion of its offshore gaming operations,” said DFNN.
DFNN executive vice-chair Ramon Garcia said the company will use Nico Bayan to grow the POGO space.
“We believe it should conceptually add to our revenue significantly,” he said.
POGO, also known as Philippine Offshore Gaming Operator, refers to a company that provides offshore gaming services, the POGO license is issued by PAGCOR.