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Technology Stocks : Softbank Investment International (HK0648)
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To: early player who wrote (566)2/7/2001 11:53:07 PM
From: ms.smartest.person  Read Replies (1) of 615
 
E2-Capital new fund fuels growth plan

DENISE TSANG


E2-Capital Financial Services Group plans to set up a fund of up to US$100 million that will invest in a portfolio of Asia-based companies.

The fund was part of a plan by the group to expand further into Asia, said chief executive Wong Sin-just.

The company was initially seeking to pull US$50 million to US$100 million funding from public investors such as corporate investors, private banks and pension funds in the United States, he said.

"Discussions are under way," he said.

Mr Wong said Softbank Investment International (Strategic) supported the expansion plan.

Last week, Softbank Investment agreed to acquire 51 per cent of e2-Capital for HK$318.5 million. On completion of the deal, e2-Capital will be renamed SBI e2-Capital.

Softbank Investment is the Hong Kong offshoot of Japan-based IT investment holding company Softbank Corp.

Funding for investments in the regional companies could also come from e2-Capital's shareholders - e2-Capital (Holdings) and Softbank Investment.

Mr Wong said e2-Capital had a treasure chest of HK$374.46 million, which would be boosted by HK$130 million on completion of the Softbank deal.

Mr Wong said the fund would initially acquire minority stakes in listed or private firms in Asia including Japan. These firms will be advised on how to strengthen existing businesses, develop new ones and improve profitability.


biz.scmp.com
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