[00-7-10] Hong Kong - Pacific Century CyberWorks Buys Into SecureNet
By Staff, IT Daily.
HONG KONG, CHINA,
10 Jul 2000, 11:39 AM CST
Hong Kong - Pacific Century CyberWorks Buys Into SecureNet 07/10/00 HONG KONG, CHINA, 2000 JUL 10 (NB) -- By Staff, IT Daily. Pacific Century CyberWorks (PCCW) has announced plans to buy a 5 percent stake in SecureNet, an Internet security specialist, for US$19 million, as the two companies expand a joint venture focused on e-commerce and Internet security products.
"With PCCW we will now expand into Japan, South Korea, Taiwan, Singapore, Malaysia, Macau and India and enhance our offerings in Mainland China," said Geoffrey Ross, CEO of the joint-venture, CWHKT SecureNet.
SecureNets technology will also be used to provide a security platform for IP (Internet Protocol) Backbone, PCCWs proposed pan-Asian infrastructure joint-venture with Australia's Telstra. The security platform will allow IP Backbone to facilitate business-to-consumer (B2C) activity on the Internet across the region.
"PCCW's direct investment into SecureNet reflects (the company's) awareness of the growing requirement for security as Internet business expands across Asia," said Richard Li, chairman of Hong Kong-based PCCW.
PCCW will pay A$7.89 (US$4.69) per share for 4,061,777 SecureNet shares, raising $19 million for SecureNet. In addition, PCCW will have options for more than 9,500,000 additional shares, which if exercised within two years would give PCCW a 15 percent stake in SecureNet.
The issue of shares and options is subject to approval by shareholders.
PCCW, which is in the process of buying Cable & Wireless HKT, is one of the world's largest Internet companies and has investments in more than 50 content, technology and e-commerce providers.
SecureNet specializes in data and transaction security for the Internet, remote banking and other applications, including smart cards and firewalls.
Reported by Newsbytes.com, newsbytes.com .
11:39 CST
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