Goodwill Investment in cash and stock deal for Topdomain

Goodwill Investment (Holdings) plans to buy 20 per cent of Internet solutions provider Topdomain Network for US$2 million.

Topdomain, which intends to list on the Growth Enterprise Market later this year, has appointed Indosuez W.I. Carr as its financial adviser.

Under the agreement, Goodwill will subscribe for 20 per cent of Topdomain from founder and controlling shareholder Jefferson Wat Kwok-leung, for US$1 million in cash.

Goodwill will then issue 7.75 million new shares at HK$1 each.

The deal will reduce Mr Wat's stake in Topdomain to 77 per cent with the 3 per cent balance going to the two other founders.

Topdomain provides business-to-business e-commerce solutions for clients that have included China Telecom, CLP Holdings and Li & Fung.