Asia Communications Global (ACG), the proprietor of Hong Kong's most prominent data communications and Internet company, today signs a deal with venture capital firm Peregrine Direct Investments that will inject US$20 million into the company.
Peregrine, together with Japan's Softbank Holdings and the Cutler Group, will take a stake in the firm owned by former AST Research heavyweights, Tom Yuen and Philip Wong.
Mr Yuen is a co-founder of personal computer manufacturer AST, while Mr Wong was Asia-Pacific managing director and vice-president for the top 10 personal computer maker until 1994.
ACG began expanding in March 1995, when there were less than 10 operators in the internet service provider (ISP) market.
It now has joint ventures or subsidiaries in China, Europe, US, Taiwan and Australia and has hired dozens of marketing and publishing personnel to maintain a subscriber base and develop content for its on-line service.
The group was also a vocal critic of government policy towards a licensing tariff levied by Hong Kong Telephone Co (HKTC) on Internet users.
