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quote.bloomberg.com
Singapore's Creative Tech to Build and Buy Internet Companies
Singapore's Creative Tech to Build and Buy Internet Companies
Singapore, July 5 (Bloomberg) -- Creative Technology Ltd., the world's No. 1 computer sound card maker, is investing in Internet companies linked to its business, with plans to spin them off later, its chief executive said.
The Singapore-based company, which makes about half of the world's devices that enhance audio in personal computers, will develop online companies within its fold and seek out Internet companies to invest in. ''We're very aggressive on our Internet strategy,'' Sim Wong Hoo, Creative's chairman and chief executive, said in an interview. ''We're going to create a lot of .coms, some of them within the company, some of them outside the company -- all synergistic companies that we can leverage on.''
Expanding into the world wide web will give Creative an added channel to sell its products as it faces intensifying price competition. For Sim, it also helps guarantees the survival of his company in emerging Internet-based marketplace. ''People already see the empowerment that Internet gives the ordinary folks,'' he said. ''Every industry is going to have a .com that will take over them, so, it's all up for grabs --people have to get ready for themselves.''
Investments
The company recently said it's investing $50 million to develop its online business and that it's evaluating several Internet investments. Sim declined to say how he'll use the Internet, except to say it will go beyond just selling sound cards. ''When I say we're going to have a different lot of .coms, we're not saying we're going to have one .com selling one thing, another .com selling another thing,'' he said. ''We're talking about very different applications.''
Sim heads a Singapore government-linked committee leading the development of ''technopreneurs,'' which aims at cultivating entrepreneurs with original ideas. Among changes the committee proposed include easing bankruptcy laws and allowing start-ups to work from public housing.
Sim isn't alone on his venture into cyberspace. Rivals such as U.S.-based Diamond Multimedia Systems Inc. and Intel Corp. are already selling their products on the Internet.
Creative's shares rose 30 cents to S$22.80 in Singapore
It is PAY BACK TIME - the PR |
