Top News
Fri, 31 Mar 2000, 2:56am HKT
PhilWeb.Com Says It's in Talks With CyberWorks to
Invest in Cable TV Firms
By Ian C. Sayson
PhilWeb.Com, CyberWorks in Talks on Cable TV Venture (Update1)
(Adds background on Philippine cable TV, share price)
Manila, March 30 (Bloomberg) -- PhilWeb.Com Inc. said it's in
talks with Pacific Century CyberWorks Ltd., Asia's third-largest
Internet investment company, for a possible joint investment in
cable television companies in the Philippines.
PhilWeb.Com said in a statement to the regulators that the
two companies haven't yet reached an agreement. PhilWeb.Com is
also holding talks with other companies, the statement said.
PhilWeb.Com, once an unprofitable mining company that turned
into a high-speed Internet provider, rose as much as 7.5 percent
to 43 centavos, snapping a four-day decline. The stock was
suspended from trading briefly at the request of the stock
exchange pending the announcement.
The Philippine Daily Inquirer reported today, citing
PhilWeb.Com President Alex Villamar, that CyberWorks and
PhilWeb.Com may be partners in a fund that will invest in
television cable companies.
CyberWorks, which agreed to acquire Cable and Wireless HKT
Ltd., Hong Kong's dominant phone company, wants to buy into cable
companies to expand its high-speed Internet services, the paper
said.
Sky Vision Corp., an affiliate of ABS-CBN Broadcasting Corp.,
operates the nation's largest television network. Home Cable Inc.,
Sky Vision's closest competitor, is a unit of Philippine Long
Distance Telephone Co., the nation's largest telephone provider.
PhilWeb.Com recently traded at 41 centavos. The stock is up
more than five-fold this year compared with a 20 percent drop in
the benchmark index.
Fri, 31 Mar 2000, 2:56am HKT
PhilWeb.Com Says It's in Talks With CyberWorks to
Invest in Cable TV Firms
By Ian C. Sayson
PhilWeb.Com, CyberWorks in Talks on Cable TV Venture (Update1)
(Adds background on Philippine cable TV, share price)
Manila, March 30 (Bloomberg) -- PhilWeb.Com Inc. said it's in
talks with Pacific Century CyberWorks Ltd., Asia's third-largest
Internet investment company, for a possible joint investment in
cable television companies in the Philippines.
PhilWeb.Com said in a statement to the regulators that the
two companies haven't yet reached an agreement. PhilWeb.Com is
also holding talks with other companies, the statement said.
PhilWeb.Com, once an unprofitable mining company that turned
into a high-speed Internet provider, rose as much as 7.5 percent
to 43 centavos, snapping a four-day decline. The stock was
suspended from trading briefly at the request of the stock
exchange pending the announcement.
The Philippine Daily Inquirer reported today, citing
PhilWeb.Com President Alex Villamar, that CyberWorks and
PhilWeb.Com may be partners in a fund that will invest in
television cable companies.
CyberWorks, which agreed to acquire Cable and Wireless HKT
Ltd., Hong Kong's dominant phone company, wants to buy into cable
companies to expand its high-speed Internet services, the paper
said.
Sky Vision Corp., an affiliate of ABS-CBN Broadcasting Corp.,
operates the nation's largest television network. Home Cable Inc.,
Sky Vision's closest competitor, is a unit of Philippine Long
Distance Telephone Co., the nation's largest telephone provider.
PhilWeb.Com recently traded at 41 centavos. The stock is up
more than five-fold this year compared with a 20 percent drop in
the benchmark index.
