DFNN Inc. is set to list its unit HatchAsia Inc. in the Australian Stock Exchange (ASX).
The company said the listing will be done through the acquisition of ASX-listed entity Silver Heritage Group Ltd., a casino operator.
DFNN said HatchAsia has offered a non-binding term sheet to take control of the reportedly insolvent Silver Heritage, currently administered by KPMG.
DFNN said following the meeting between KPMG administrators and Silver Heritage creditors, it was “unanimously resolved that the latter execute the deed of company arrangement” which will the new arrangement between the to-be acquired Siver Heritage, HatchAsia and its creditors.
DFNN said as a result of the DOCA arrangement, HatchAsia will acquire 92 percent of Silver Heritage through a consolidation of shares of existing shareholders and an issuance of new shares by another Australian subsidiary of HatchAsia, Hatch Australia Holdings Pty Ltd.
“The consideration for this transaction is AU$530,000 in cash and 3 percent of the issued shares in Silver Heritage, subject to the terms and conditions to be set in a deed of company arrangement,” DFNN said.
“The successful conclusion would eventually result in the HatchAsia shareholder-controlled entity being listed on the Australian Stock Exchange and DFNN owning part of the ASX-listed entity,” it added.