DFNN board OK’s JV to expand Asian operations of Spanish firm
LISTED DFNN Corp.’s board has approved a plan to incorporate a joint venture (JV) company with Spain-registered IT project development and engineering company Consulting Informático de Cantabria S.L. (CIC) to expand the latter’s Asian operations.
In a regulatory filing on Monday, DFNN said the JV company with CIC also aims to “support the Philippines and other Asian countries.
The total investment in the JV company is at P12.5 million, of which 60% or P7.5 million is from DFNN while the remaining 40% or P5 million is from CIC.
“The transaction aligns seamlessly with DFNN’s expansion program and empowering it to pursue JVs with foreign entities,” the company said.
“This strategic move promises to enhance DFNN’s investment income, bolstering its financial outlook and positioning it for sustained growth,” it added.
CIC specializes in providing solutions for mission-critical infrastructures. It has presence in more than 30 countries. Some of its partners include Microsoft, Apple, Oracle, Dell, Cisco, and Amazon Web Services. Its clients include PTT, and Siemens.
On Monday, DFNN shares rose by 4.67% or 14 centavos to P3.14 apiece. — Revin Mikhael D. Ochave