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To: Francois Goelo who wrote (1443)	11/17/1999 11:10:00 PM
From: Gene Reardon	Read Replies (1) \| Respond to of 1567

Pacific Internet to Sell Shares in E-Commerce Unit on Nasdaq Singapore, Nov. 18 (Bloomberg) -- Pacific Internet Ltd., the first Asian online company to trade in the U.S., said it plans to sell shares of Pacfusion.com, its e-commerce unit, on the Nasdaq in the next one to two years. Pacific Intent, or PacNet, said the unit will have a market capitalization of between $1 billion to $2 billion from the initial public offering. ''Pacfusion.com will be the AOL-plus of the region,'' said Nicholas Lee, PacNet chief executive. Pacfusion.com will also sell shares of most of its twelve units in the near future, the company said. Pacific Internet expects revenue from Internet commerce -- now less than 1 percent of its sales -- to expand to twice its Internet access service revenue in the short term. The company told Bloomberg News last month that it'll spend $30 million to $50 million to turn e-commerce into its main business. PacNet's board has authorized an expenditure of up to $54 million for Pacfusion.com. It also plans to inject other assets, valued at $50 million into the unit, and is looking for strategic partners and venture capital funds to invest in additional $100 million. Separately, Lee also Pacfusion.com plans to set up a venture capital fund and open a U.S. office in San Jose, California by the first quarter of 2000. That would attempt to bring U.S. Internet companies to Asia and invest in U.S. startups that have got potential to do business in Asia. Nov/17/1999 22:26