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Technology Stocks : QUALCOMM-The Wireless Wonder in 1999
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To: GO*QCOM who wrote (148)3/21/2000 7:17:00 AM
From: GO*QCOM  Read Replies (1) of 343
 
Tuesday March 21, 2:53 am Eastern Time
KTIC says to set up fund with Qualcomm
SEOUL, March 21 (Reuters) - Korea Technology Investment Corp (KTIC), the country's first and largest venture capital fund, said on Tuesday it would set up a $60 million fund with Qualcomm Inc (NasdaqNM:QCOM - news) in the first half of this year to invest in information and telecommunications companies.

``We're in the final stage of talks with Qualcomm to attract investment,' a spokeswoman at the company said.

The company said it planned to increase its current 500 billion won in managed assets to one trillion won by the end of this year by setting up several funds.

It plans to establish a $50 million fund to specialise in Internet-related venture firms and a $30 million fund to invest in biotechnology businesses, it said in a statement.

KTIC said it will also set up a $10 million fund to invest in film and animation productions through alliances with both domestic and foreign investors.

KTIC started out in 1986 as the venture capital subsidiary of a government agency.

Company President Suh Kap-soo Suh took control in 1995 in the first management buyout in the Korean financial industry.

Suh holds a 17.1 percent stake in the firm, foreign fund managers hold 13 percent, the Korean government has 9.6 percent and the remaining 60.3 percent is held by 7,000 shareholders.

Its shares ended down 550 won at 6,950 on the Kosdaq over-the-counter market.
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