DFNN Inc., a listed information technology company, said it will declare as property dividend some 40,000 shares in unit iWave Inc.
DFNN said in a disclosure to the stock exchange shareholders as of record date Dec. 18, 2018 would receive one iWave common shares for every 8,155.5 DFNN shares owned.
iWave is a leading company in the Philippines that specializes in designing and developing turnkey solutions for the information system requirements of retail financial institutions with high volume transactions.
iWave in February of this year signed an agreement with the Cagayan Economic Zone Authority and a Tokyo-listed financial services company, Traders Holdings Co. Ltd.
The agreement gives iWave the opportunity to be part of the first Asian special economic zone focused on the development of financial technologies.
“iWave has very strong and innovative competencies and continues to assert itself in the financial technology space. We look forward to further pioneering breakthroughs in the blockchain and cryptocurrency sectors,” DFNN chief executive Calvin Lim said.
DFNN also reported that its board approved the acquisition of a 100-percent stake in an internet cafe and gaming outlet operation LuckyU Inc.
DFNN will acquire 302,500 shares in LuckyU at P62.80 per share, for a total purchase price of P19 million.
The IT firm said the acquisition would provide the company a new stream of revenues.