Singapore, July 24, 2006 AEST (ABN Newswire) - Mainboard-listed MediaRing Ltd (MediaRing), (SGX: M09) a leading pure-play VoIP telephony service provider in Asia, today announced that it has increased its shareholding in Nasdaq-listed Pacific Internet Limited (NASDAQ: PCNTF) ("PacNet") to 29.20%.
MediaRing believes that it is currently the single largest shareholder of PacNet. MediaRing acquired a total of 3,305,090 PacNet shares since the expiration of its tender offer for PacNet on 10 July 2006. Together with the PacNet shares it held prior to the tender offer, MediaRing now owns 3,956,662 PacNet shares, or approximately 29.20% of the issued shares of PacNet.
"Our investment in PacNet is strategic, made in recognition of the potential business synergies between MediaRing and PacNet. We believe that the increasing trend of convergence of voice and data services provide many business opportunities for both companies to complement the services provided by each other," said Mr Khaw Kheng Joo, CEO of MediaRing.
"Being a strategic investor in PacNet, we intend to engage the management of PacNet to explore potential business opportunities that could benefit both companies," said Mr Khaw.ഊMediaRing increases stake in Pacific Internet, taking its shareholding to 29.20% "These opportunities include cross-selling of both our services to our respective customer bases and sharing of resources in complementary geographic locations."
MediaRing believes that both companies will be able to achieve cost efficiencies by working together, which will enable them to compete more effectively against competitors in all their markets.
MediaRing has also requested for proportionate representation on PacNet's Board, as it believes it is the company's largest shareholder. "We have sent an official request to PacNet and hope that our request will be considered favourably by PacNet's Board," said Mr Khaw.
MediaRing has nominated Mr Koh Boon Hwee, its Executive Director and Mr Khaw to be appointed to PacNet's Board of Directors. Both Mr Koh and Mr Khaw have extensive experience in the telecommunications industry and MediaRing believes that they will be able to add value to the future growth of PacNet.
Contact
August Consulting
Tel: 6733 8873 Fax: 6733 9913
Silvia Heng - silvia@august.com.sg
Alan Lee - alanlee@august.com.sg
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