Raymond Garcia’s DFNN buys out Singapore partner in tech firm DCG

DFNN of the family of Philippine honorary consul for Portugal Raymond Garcia Jr. is taking over technology company DCG Inc., its partnership with Singapore-based software firm CYG Pte Ltd.

In a regulatory filing, DFNN said it would acquire full ownership and control of DCG for P2 million through a share purchase agreement.

DFNN currently owns 55 of the outstanding shares in DCG, which is engaged in the business of providing IT services such as providing software development and customer support services to third parties as well as research and development.

DFNN said the purchase price was negotiated with consideration given to the business of the company.

Payment will be made after the execution of the deed of sale of shares.

In 2018, DFNN and CYG signed a joint venture agreement to optimize the former’s technology platform offerings and merge local efficiencies with international benchmarks.