Old News from August 1999 Intel And Pacific Century Group Announce Agreements To Enable Broadband Internet Deployment In Asia
Intel to Invest US$50 Million in Pacific Century CyberWorks; Intel to Supply Comprehensive Set Top Solutions
HONG KONG, Aug. 1, 1999 - Intel Corporation and Hong Kong-based Pacific Century Group (PCG) today announced agreements to enable broadband Internet deployment in Asia.
Today's announcement is comprised of three related elements, subject to the completion of PCG's acquisition of a controlling interest in Tricom Holdings Limited, which will subsequently be renamed Pacific Century CyberWorks Limited: (1) Intel will invest US$50 million (HK$389 million) in Pacific Century CyberWorks; (2) Intel and PCG will allow their Pacific Convergence Corporation (PCC) joint venture to be acquired by Pacific Century CyberWorks; and (3) Intel will supply comprehensive set-top and server-based solutions using the Intel architecture that will help deliver the combined broadcast and Internet services generated by PCC.
"Our goal with these agreements is to speed the deployment of broadband Internet-based services to Asia," said Claude Leglise, vice president and general manager of Intel's Home Products Group. "We also are pleased that PCC has chosen Intel to be the supplier for this new set-top infrastructure."
"The injection of PCC into Pacific Century CyberWorks is a logical step," said Alex Arena, managing director of Pacific Century CyberWorks. "Both PCC and Pacific Century CyberWorks will benefit from the potential synergies of developing the broadband service business through one company. In addition, Intel's technology expertise and Internet solutions are expected to provide strategic value to our service."
Today's announcement builds on the PCC joint venture formed by Intel and PCG in March 1998. This venture was formed to bring high-speed Internet services to Asia. PCC is expected to become a wholly owned subsidiary of Pacific Century CyberWorks. Intel's planned investment in Pacific Century CyberWorks, combined with its initial stake in PCC, would give Intel shares equivalent to a 13 percent stake in Pacific Century CyberWorks.
About The Companies
Pacific Century Group is a private company owned by Richard Li and the company's senior management. Its primary businesses are digital media development, financial services and infrastructure. The group also makes investments in, and acts as majority partner for, selected Asian market initiatives. Additional information is available at www.pcg-group.com.
Tricom Holdings Limited will be renamed Pacific Century CyberWorks Limited by Pacific Century Group upon completion of PCG's acquisition of a controlling interest in Tricom Holdings Limited. Listed on the Hong Kong Stock Exchange, the company will invest in local and international information technology and Internet businesses. Pacific Century CyberWorks will become the technology flagship of Pacific Century Group.
Intel, the world's largest chip maker, is also a leading manufacturer of computer, networking and communications products. Additional information about Intel is available at www.intel.com/pressroom.
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