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TECHNOLOGY
Ming Pao in talks with CyberWorks
DENISE TSANG
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Publisher Ming Pao Enterprise's Web concern Ming
pao.com is in discussions with Pacific Century CyberWorks and could sell the company a stake in its site.
Mingpao.com is holding talks about "commercial activities", executive director Francis Tiong Kiew Chiong said.
"We won't rule out selling a stake of Mingpao.com to CyberWorks," he said.
Mingpao.com, an Internet content provider, owns the rights for on-line publishing of all Ming Pao's 10 publications,
among them Chinese-language daily newspaper Ming Pao and magazines Hi-tech Weekly and Yazhou Zhoukan.
Mr Tiong also said the Web site, launched in 1995, would be expanded during the next two years at a cost of up to $200 million.
He said the money would be invested in new equipment to provide multi-media news and information. On February 3, Mingpao.com sold a 10 per cent stake to CCT Telecom Holdings for $100 million.
The sale of a minority interest in Mingpao.com to CCT valued Mingpao.com at $1 billion.
MrTiong said the valuation was justified by Ming
pao.com's fast-growing number of page viewers.
Last month, 1.4 million people visited the site on an average day, compared with 1.1 million in October last year.
"We hope the Web site will generate a profit in two years," Mr Tiong said.
He said that Mingpao.com eventually would be listed on the stock market.
However, he said no definite listing plan was in place yet.
"We'll do this at a suitable time," Mr Tiong said.
Ming Pao shares dropped 17.89 per cent yesterday to finish at $3.90.
Die Antwort::::::
12:54 Mingpao (0685) denies PCCW plans to acquire stakes of subsidiary website
(Infocast News) As from a newswire, Francis Tiong, Executive Director of Mingpao (0685), denied the news that Pacific Century CyberWorks (1186) (PCCW)wish to acquire stakes of Mingpao website.
Tiong said that it was a irresponsible news and the company has to clarify the matter with the Stock Exchange.
(10/02/00)
