In a disclosure to the Philippine Stock Exchange, DFNN said 49.36% owned subsidiary iWave Inc. entered into a binding term sheet with China Sky for the transfer of the latter’s listing status through a scheme of arrangement.
In exchange for the listing status, DFNN will issue SGD$4.45 million worth of shares to China Sky, which will distribute those shares to its eligible creditors and shareholders.
China Sky is currently under judicial management.
iWave, Inc. is a leading fintech company engaged in systems integration, software and technology development.
DFNN, on the other hand, continues to invest in innovative gaming technologies to deliver exciting, new content through leading technology to maximize the gaming revenue stream.