INTELLIGENT Wave Philippines Inc. (IWPI), an information company majority-owned by publicly traded Diversified Financial Network Inc. (DFNN), expects to generate up to $2 million (roughly P90 million) via sale of shares to a strategic investor.

In an interview, DFNN chief executive Ramon Garcia said the transaction will be completed before the company’s planned initial public offering in the second quarter of 2009.

“A number of developments are expected to occur at IWPI and we are excited about it,” said Garcia.

He said DFNN expects to keep the majority stake in IWPI after private placement and the IPO.

Despite the prevailing weakness in the market, the company will proceed with the fund-raising ventures, as Garcia expects “volatility to be over next year.”

In the first quarter, IWPI increased its authorized capital stock from P22 million to P100 million through a rights offering. The rights offer—or the sale of common stock to existing investors at a discount—will involve 19.5 million new unissued shares. The increase in shares was implemented as a prelude to the planned IPO.

Proceeds from the public sale will fund the expansion of IWPI’s services allowing it to fully tap the large Japanese business process outsourcing (BPO) opportunities that will be created after the expected signing of the Philippine-Japan Free Trade Agreement.

In another development, Garcia said DFNN’s gaming unit based in Singapore, of Pacific Gaming Investments Pte. Ltd. (PGI), is also planning an IPO next year, with the shares to be listed at the Hong Kong Stock Exchange.

DFNN currently owns 85 percent of PGI The plan is to offer 20 percent to 30 percent of the company through the public sale.

PGI’s investments include the Interactive Entertainment Technology Solutions, a Southeast Asian gaming firm engaged in event, sports and financial spread bettings.

At the moment, it is conducting due diligence on a number of cashflow-positive and operational slot machine arcades in Cambodia and the Philippines.

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DFNN unit plans private placement

INTELLIGENT Wave Philippines Inc. (IWPI), an information company majority-owned by publicly traded Diversified Financial Network Inc. (DFNN), expects to generate up to $2 million (roughly P90 million) via sale of shares to a strategic investor.

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ASIAN Hospital and Medical Center marketing director Jun Amistoso wishes to clarify an item in my August 29, 2008 column. Here’s the gist of his letter: