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A Singaporean firm is planning to invest $7.5 million in a local gaming company. Straitwey, a Singapore-registered company who is a wholly owned subsidiary of the Japan Gaming Development Organization (JGDO) and is the investment entity used by JGDO to invest into projects within the gaming industry, is investing the $7.6 million in the primary and secondary shares of Pacific Gaming Investments (PGI).

PGI’s board of directors earlier approved the execution of a non-binding term sheet with Straitwey. Under the non-binding term sheet, Straitwey, subject to due diligence, shall invest a maximum of $7 million in primary and secondary shares of PGI. The primary share investment were gives a pre-money valuation to PGI of $80 million.

PGI will then use the additional investment in the local gaming industry. It will partially fund its planned increase in its investment stake of Interactive Entertainment Solution Technologies Inc. (IEST), part will be used for the working capital needs of PGI, and then for further investments in the gaming sector.

IEST currently operates an online gaming operation under the authority of the Philippine Gaming and Amusements Corp. (Pagcor). IEST is also engaged in providing software and IT solutions for sports betting companies. It has contracts to supply equipments to Pagcor.

Both PGI and IEST are subsidiaries of Diversified Financial Network Inc. (DFNN), a publicly listed information technology solutions provider and systems integrator. DFNN earlier created a division to cater to the needs of the emerging gaming industry, with the advent of the opening of the gaming industry in Asia, both land based and electronics.

DFNN gaming solutions span the capability for wireless gaming, creation and management of games and other gaming related project, as well as software outsourcing. The company is willing to cater its gaming products to the needed business processes of legal gaming entities who are operating in legal gaming jurisdictions.