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19:01 Regent Pac (0575) spent $640 M to acquire Chairman's 100% stakes in Interman
(Infocast News) Regent Pacific (0575) announced this afternoon that the company will acquire 100% stakes held by James Mellon, Chairman, in Interman at USD 82 million ($640 million). He said that the consideration will be satisfied by issuance of new shares, representing 20% of enlarged issued share capital, at $2.8 each, premium of 8.7% to today's closing price at $2.575. His stakes will be leapt to 30% in the company.
Otherwise, he said that the company will appoint local people to be CEO next month in order to undergo localisation.
Also, he pointed out that the company's subsidiary Korea Online will be spinned off to list on Nasdaq in coming summer. The company holds 46.2% stakes in Korea Online.
17:26 Regent Pac (0575) restructures business to develop Internet & hi-tech
(Infocast News) Regent Pacific (0575) announced to restructure company's business and focus on development in Internet and hi-tech industry thereafter.
The company will acquire Interman Holdings, a hi-tech and Internet company, and will also change its name to INTERMAN to focus on developing hi-tech funds management in Asia in order to manage present Asia Internet investment portfolio and Korea Internet company, namely, Korea Online.
Over past 2 years, the company and Interman invested in 26 Internet companies totally, of which, some will launch service in short term.
Otherwise, Korea Online had completed private placement and raised USD 117 million. At present, the company holds 46.2% stakes in Korea Online.