Li Ka-shing's Internet flag-ship, Tom.com, will pay HK$171.36 million for 50 per cent of outdoor advertiser Maya Cultural Transmission from its three main shareholders, Tom.com announced.
Tom.com also confirmed yesterday that it would trim about 30 staff as part of the restructuring of its portal operation.
The company said it would cut staff at its Hong Kong portal to less than 60. The Hong Kong portal operation employs more than 80 people.
Ten of the 30 staff to go will be laid off and about 20 will be transferred to the Hutchison Whampoa group.
The planned purchase of Maya Cultural would be the fifth key acquisition by the loss-making company since its listing on the Growth Enterprise Market on March 1. So far, Tom.com has announced acquisitions, including the latest purchase, worth a combined total of HK$1.2 billion. Most of the acquisitions have been funded by the issuing of new shares.
Tom.com confirmed in yesterday's announcement that it had entered into a share-purchase agreement with Marvel Path - a company indirectly owned by Tom.com shareholders Hutchison Whampoa, Cheung Kong (Holdings) and Chau Hoi-shuen - to acquire the entire 50 per cent in Maya Cultural owned by Marvel Path.
