Chinadotcom has agreed to form a strategic partnership with Singapore-listed magazine and Internet publisher Panpac Media Group.
'This is an excellent win-win partnership for both companies that are leading the development of the Internet market in Asia,' Panpac managing director Ricky Ang said.
The companies' first project together will be a Chinese-language version of Panpac's lifestyle Internet magazine zingasia.
Under the alliance, Hong Kong-based Chinadotcom - which is listed on the Nasdaq exchange in the United States - will receive 20.1 million new Panpac shares worth S$24.4 million (about HK$113.02 million), which is a 10 per cent stake.
Chinadotcom has an option to increase its stake to as much as 18 per cent later. Panpac will take a 0.68 per cent stake in Chinadotcom involving 296,612 new shares worth US$29 million.
'Panpac Media is one of the fastest-growing on-line and print-based media organisations in Asia,' Chinadotcom chief executive Peter Yip said at the announcement yesterday.