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CyberWorks signs joint venture with CMGI
Updated at 8.17pm:
Pacific Century CyberWorks has forged a 50-50 joint venture with Nasdaq-listed
powerhouse CMGI to establish the American company's Internet-related operations
in the Asia-Pacific region.
The venture, to be called CMGI Asia, will establish Asia-Pacific operations for at
least 18 of CMGI's majority-owned investment units, according to CyberWorks
chairman and chief executive Richard Li Tzar-kai.
CMGI Asia will serve as a holding and management company for the separate joint
ventures to be formed with each individual operating company.
It will be granted at least 60 per cent interest in these entities. However, no financial
details of the new venture have been revealed.
CyberWorks will be responsible for the operating costs and capital expenditure of
CyberWorks, the information technology flagship of Mr Li's Pacific Century Group,
raised $2.97 billion from a share placement on Tuesday to finance the new venture.
The company placed 188 million shares at $15.80 each, representing a 5.1 per cent
discount to the counter's last traded price.
The counter edged up 10 cents to close at $16.65 on Tuesday.
Trading was suspended in the afternoon, pending the joint venture announcement
and placement plan.
The plan is to develop CMGI Asia so its market capitalisation exceeds the US$28
billion of Yahoo! and Softbank's joint venture, Yahoo! Japan, after which it is
modelled, according to Hans G Hawrysz, CMGI executive vice president in corporate
Analysts welcomed the venture as it lays out the operating blueprint for CyberWorks
and its strategic partners.