RealTime IT News

Pacific Century CyberWorks Buys $32m Stake In SecureNet

[Sydney, AUSTRALIA] Pacific Century CyberWorks (PCCW) has agreed to purchase a five percent stake in ASX-listed technology company SecureNet for $32 million (US $20 million). SecureNet announced an "aggressive regional expansion" of its e-commerce joint venture with Cable & Wireless Hong Kong Telecom Limited (C&WHKT), which is called CWHKT SecureNet. Seperately, C&WHKT is currently in the process of merging with PCCW.

The CWHKT SecureNet joint venture will deliver e-commerce products including SecureNet's smart cards and other e-commerce and internet security products.

Geoffrey Ross, managing director of SecureNet, and CEO of the joint venture said CWHKT SecureNet would accelerate its expansion into the Pan Asian region, through direct involvement in regional e-commerce initiatives.

"With PCCW we will now expand into Japan, South Korea, Taiwan, Singapore, Malaysia, Macau and India and enhance our offering in mainland China," he added.

PCCW will pay $7.89 (US $4.93) per share for 4,061,777 ordinary shares. SecureNet has also agreed to issue options for a further 10 percent of the company.

Richard Li, Chairman of PCCW, said "Expanding the joint venture enables CWHKT-SecureNet to capture e-commerce opportunities across Asia, and PCCW's direct investment into SecureNet reflects PCCW's awareness of the growing requirement for security as well as its long term commitment to the e-commerce market."