Dfnn.com subsidiary
defers sale of shares
By Erwin Lemuel G. Oliva
Inquirer.net

DIVERSIFIED Financial Network Inc. (Dfnn.com) subsidiary HatchAsia.com and not Dfnn.com itself today deferred plans to sell "primary stocks to the public due to current market volatility.

Local Internet incubator HatchAsia.com earlier indicated plans to sell an undisclosed number of primary shares in Dfnn.com. However, due to the present market situation, the company has decided to delay the sale of stocks indefinitely.

"We’re deferring the sale later this year. We’ve been looking at selling primary shares of HatchAsia.com as contained in our prospectus," Ramon Garcia Jr., president of Dfnn.com, told the INQUIRER.

The volatility of the local bourse and even the Nasdaq has prompted the first locally listed dotcom to delay the sale of "new" stocks to the public, according to Garcia. "It would be better if these things (political and economic woes) were not here."

Garcia, however, clarified that the decision has no direct impact on Dfnn’s business. Garcia said that Dfnn.com and HatchAsia have enough cash at this time to finance its operations.

Dfnn, he added, is "augmenting its basic incubation business with recurring income." The company is looking at activities focusing on training local entrepreneurs this year through HatchAsia.com. Dfnn is also looking at selling services overseas.

"Whatever is happening in RP is not relevant to businesses overseas. Demand for e-commerce services is not only limited in the Philippines. But with the current market volatility, what can we invest right now?" Garcia pointed out. "Throughout history, businesses should be adaptable to any situation."