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Technology Stocks : Softbank Investment International (HK0648)

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To: ms.smartest.person who wrote (609)	1/21/2004 11:55:19 PM
From: ms.smartest.person	Read Replies (1) of 615

08 Jan 2004 Softbank (0648) expects Zhongtian listing in HK by Jun (Infocast News) Softbank Investment International (Strategic) (0648) (SIIS) Chief Executive Wong Kean-li expects Qingdao Zhongtian Information Technology Co Ltd (Zhongtian) , in which the company holds an equity interest, will be listed on the Main Board in Hong Kong by June this year. Wong noted that the company holds only a certain stake in Zhongtian, but not the substantial shareholder. The company announced earlier that it will issue convertible notes of aggregate principal amount up to a maximum of $48 million to raise $46.5 million in net proceeds. Of the net proceeds of $46.5 million, approximately $30-40 million will be used to invest in Zhongtian and a developer of mobile computing technology (Company X), and approximately $6.5-16.5 million will be used as general working capital. Wong stated that the company is in talks with a partner from the US regarding a joint investment in the above mentioned mobile computing technology developer. As talks are still underway no details can be disclosed. The US partner will hold a controlling shareholding in the business. At the same time, the company is in talks with Shenzhen Capital Group Co., Ltd. for the establishment for another investment fund targeting on China which worths approximately US$30 million, with the company and Shenzhen Capital each holding a 50% interest. At the same time, the company will also participate in another overseas investment fund which worths US$30 million, and the company will hold a 10% interest in the fund. Wong expects both funds to commence operation in the first quarter this year. InfocastFN.com © Copyright 1998-2004 by Infocast Ltd. All Rights Reserved [ DISCLAIMER ] infocastfn.com

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