C07099-2023 |
Title of Each Class | Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding | |
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Common | 324,620,008 |
The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.
Subject of the Disclosure |
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DFNN Inc. to Sell all its Shares of its Subsidiary |
Background/Description of the Disclosure |
On 22 September 2023, the DFNN Board of Directors resolved to authorize the sale of DFNN's wholly-owned subsidiary Nico Bayan Inc. |
Date of Approval by Board of Directors |
Sep 22, 2023 |
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Rationale for the transaction including the benefits which are expected to be accrued to the Issuer as a result of the transaction |
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To streamline its current technology operations reporting thus focusing on revenue generation and optimizing wholly-owned resources and improving overall profitability under the main listed company |
Date | TBA |
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Manner |
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The manner of the acquisition shall be through a contractual arrangement |
Description of the company to be acquired or sold |
Nico Bayan Inc. is engaged in the business of developing software solutions |
Number of shares to be acquired or disposed | 4,999,995 |
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Percentage to the total outstanding shares of the company subject of the transaction | 99.99 |
Price per share | 0.40 per share |
Nature and amount of consideration given or received |
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PHP2,000,000.00 |
Principle followed in determining the amount of consideration |
The amount of the purchase price was negotiated taking into consideration the business of the company. |
Terms of payment |
Payment to be made after the execution of the deed of sale of shares of stock. |
Conditions precedent to closing of the transaction, if any |
None |
Any other salient terms |
None |
Name | Nature of any material relationship with the Issuer, their directors/ officers, or any of their affiliates | |
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Vanguard Investments | No relationship |
Effect(s) on the business, financial condition and operations of the Issuer, if any |
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None |
Other Relevant Information |
None |
Name | Cyrus Richard Montesa |
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Designation | Chief Legal Counsel/Chief Compliance Officer |