Pacific Century CyberWorks is linking up with the Koo's Group - Taiwan's largest conglomerate - to form a joint venture Internet content provider on the island. CyberWorks yesterday said it had agreed to form the venture with ERA.com to provide financial news and entertainment content. ERA.com is 51 per cent-owned by Taiwan-based GigaMedia, a Koo's Group broadband Internet access unit, and 45 per cent by Taiwan multimedia company ERA Communication. The Koo's Group, owned by the influential Koo family, also has a direct 4 per cent stake in ERA.com. CyberWorks will hold 55 per cent of the Internet-content provider, while ERA.com will own the remainder. As part of the arrangement, CyberWorks and GigaMedia may each pay up to US$50 million for a stake as yet to be decided in ERA from Chiu Fu-sheng, the company's president. Financial details of the new joint venture were not released. CyberWorks chairman Richard Li Tzar-kai said the joint venture would contribute to the company's Internet-services platform - Network of the World - expected to be launched on June 29. Mr Li said the company's involvement with the Taiwan-based companies should not spark political controversy because of the nature of the Internet-content provider's offerings. 'It's one country anyway,' Mr Li said. 'There is only one China.' Nonetheless, the tie-up with the Koo's Group could be considered politically sensitive by many observers, analysts said. The Koo's Group is controlled by the family of Koo Chen-fu, chairman of the Straits Exchange Foundation, Taipei's chief negotiator with Beijing, they said. Meanwhile, Mr Li said he was unaware of any plan by Singapore Telecommunications (SingTel) to seek a mainland-based partner to bid again for C&W HKT. On Thursday HKT's board gave the go-ahead for the merger with CyberWorks, according to sources. 'We have not been informed by Cable & Wireless about another bidder,' Mr Li said. The Financial Times reported that SingTel was understood to be talking with a number of mainland parties in the telecom and internet sector to create a consortium to bid for HKT. Sources at China Telecom (Hong Kong), which holds 10.8 per cent of HKT, and sources close to Unicom both denied they were talking to SingTel. Henry Fan, managing director of Citic Pacific, said his company was also not involved. SingTel's financial adviser Goldman Sachs refused to comment. HKT closed 10 cents lower at HK$18.10 while CyberWorks was unchanged at HK$15.10.