[99-9-28] Pacific Century Cyberworks Buys Into Star East
By staff, IT Daily.
HONG KONG, CHINA,
28 Sep 1999, 8:38 AM CST
Pacific Century Cyberworks Buys Into Star East 09/28/99 HONG KONG, CHINA, 1999 SEP 28 (NB) -- By staff, IT Daily. Star East Holdings - the company behind the online entertainment content portal of the same name - and ITC Corp. have announced an agreement for Pacific Century Cyberworks to acquire a 10 percent interest in Star East Information Technology for US$10.5 million.
In addition, Pacific Century Cyberworks has acquired a total of 10 percent from ITC and another existing shareholder Star East IT.
Another shareholder, Hikari Tsushin, will exercise his right to call options in Star East IT held by ITC and a company owned by a group of entertainers.
Pacific Century Cyberworks and Star East Holdings will form and own equally a new joint venture company that will manage Star East IT. Each will transfer a total of 20 percent of their enlarged share capital of Star East IT into the joint venture company.
As a result, the joint venture company, to be called Pacific Century Start East Information Technology Investment, will become the largest shareholder in Star East IT with a 40 percent stake. The transactions would be simultaneous.
Star East IT has also agreed to grant each of Pacific Century Cyberworks and Hikari Tsushin for nominal consideration a call option to subscribe 100 new shares representing 10 percent of the enlarged issued share capital after the subscription by Pacific Century Cyberworks at an option price of US$13.7 million within 12 months.
Reported by Newsbytes.com, newsbytes.com
08:38 CST
(19990928/WIRES ONLINE, ASIA, BUSINESS/)
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