US microchip giant Intel has given a vote of confidence to the Cyberport by pledging to invest US$50 million in the listing vehicle of the Pacific Century Group developing the HK$13 billion project.
The investment represents the largest in Asia by Intel's Corporate Development Group, and reflects foreign investors' increasing confidence in the Government's initiative to turn Hong Kong into the region's leading technology centre.
Intel will invest the money in Tricom Holdings - to be renamed Pacific Century CyberWorks - after the successful acquisition of a controlling stake in the company by Pacific Century Group, the property and financial services group controlled by Richard Li Tzar-kai.
Intel will subscribe to 77.8 million new shares in Tricom at $5 per share.
In addition, Intel and Pacific Century will inject their joint venture Pacific Convergence Corp (PCC) into Pacific Century CyberWorks.
Taking into account Intel's 40 per cent stake in PCC, the chip-maker will end up with a 13 per cent stake in Pacific Century CyberWorks.
