CyberWorks investment options open
Pacific Century CyberWorks is studying more than 50 Internet-related projects for possible investment, according to the company's group managing director.
Investments in some of these projects could be announced 'in weeks', Alexander Arena said yesterday.
CyberWorks has made 14 investments since it was set up in July by Pacific Century Group with a backdoor listing.
This month, CyberWorks paid HK$215 million to acquire an 8 per cent interest in City Telecom (CTI) and HK$38.85 million for a 1.4 per cent interest in Sina.com, the mainland's leading portal.
CyberWorks has set aside US$400 million for future acquisitions and US$200 million for strategic purchases, Mr Arena said.
Another US$200 million had been earmarked for the company's venture-capital fund, Pacific CyberWorks Ventures, he said.
Mr Arena refused to reveal details of acquisition negotiations.
However he said after investing in CTI, the company was unlikely to invest in other telecommunications networks.
Meanwhile, Mr Arena said he was not disappointed by Hang Seng Services' decision not to add CyberWorks to the Hang Seng Index.
Hang Seng Services adjusted the index earlier this month, and some analysts had speculated CyberWorks might be added to it.
'As we continue to grow our business, I believe we will at some stage be included [in the index],' Mr Arena said.
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