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SCMP Reporter

Pacific Century CyberWorks has agreed to form a A$77.8 million (about HK$387.78 million) joint venture with Australia-based Internet company Spike Networks.

 The venture would provide a comprehensive range of Internet services with an emphasis on Web-page design and development, the companies said yesterday.

 Initially, it would complement Spike's operations in Japan and elsewhere in the region.

 Under the agreement, Spike is to value its global-services business at A$54.5 million in exchange for 70 per cent stake in the joint venture.

 Spike, a global on-line media and services company, is among the leaders in Web design in Japan.

 CyberWorks would value its contribution to the joint venture at A$23.3 million in exchange for the remaining stake.

 CyberWorks was granted a two-year option to increase its equity in the venture to 50 per cent at a cost of A$31.2 million.

 CyberWorks will acquire a 5 per cent interest in Spike for A$5.82 million, or 4.66 million Spike shares at A$1.25 each.

 The company also has an option to acquire an additional 10 per cent interest in Spike at an exercise price of A$1.45 a share in the next 12 months.

 CyberWorks shares rose 40 HK cents to close at HK$9.85 yesterday.



CyberWorks makes Australian connection