[99-8-17] Pacific Century CyberWorks Takes Stake In Outblaze
By Martyn Williams, Newsbytes.
HONG KONG, CHINA,
17 Aug 1999, 8:46 PM CST
Pacific Century CyberWorks Takes Stake In Outblaze 08/17/99 HONG KONG, CHINA, 1999 AUG 17 (NB) -- By Martyn Williams, Newsbytes. Pacific Century Cyberworks Ltd. [HKSE:1186], called Tricom Holdings until today, has kicked off life under its new name with the acquisition of a 20 percent stake in Web developer OutBlaze Ltd.
The deal will see Pacific Century CyberWorks (PCC) venture capital unit Cyberworks Ventures Ltd. taking the US$7 million stake in OutBlaze. After the deal, OutBlaze founder Siu Yat and by China Rich Holdings Ltd. [HKSE:1191] will each hold 40 percent of the company.
OutBlaze produces the systems that enable companies, particularly portal sites, to offer Web based e-mail, scheduling, message boards, chat rooms and other functions on their Websites.
PCC announced plans earlier this month to become a major investor in high technology and Internet companies. A deal with Intel Corp. [NASDAQ:INTC] signed earlier this month to jointly develop and promote broadband Internet services in Asia gave the company some $50 million to fund its first round of investments in local high tech companies. In return, Intel got a 13 percent stake in PCC.
Reported By Newsbytes.com, newsbytes.com
20:46 CST
(19990817/WIRES ASIA, ONLINE, BUSINESS/)
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