Pacific Century CyberWorks, the developer of the Cyberport project in Hong Kong, has announced plans to raise more than HK$2bn ($256m) through a share placement which it described as the largest internet-related financing exercise in Asia outside of Japan.
A company statement said the funds would be used for the operational launch and development of Pacific Convergence Corp (PCC), a 60-40 joint venture between CyberWorks and Intel Corp. It will also help CyberWorks comply with a Stock Exchange of Hong Kong requirement that the public holding in listed companies be at least 25%.
PCC plans to provide a digital-interactive service which would comprise the largest internet distribution system in the world, the statement said. International investment bank Merrill Lynch recently recommended buying Cyberworks shares describing it as the right company, in the right place, at the right time.
