Systems integrator Computer & Technologies Holdings (C&T) has taken over a Singapore-based technology company from Hutchison Harbour Ring, which is to re-focus on toy manufacturing. The move was aimed at helping C&T, which has recently restructured its business by shedding staff and cutting salaries, to extend its regional coverage. C&T chairman Ng Cheung-shing yesterday said it had agreed to pay less than HK$200,000 for a 90 per cent stake in one-year-old information technology services provider Breakaway Solutions Asia Pacific (BSAP). C&T has also pledged to loan BSAP up to US$2 million to fund its growth. Mr Ng said that, as some of BSAP's clients were expanding into China, C&T would be able to serve their needs, while BSAP could help C&T expand in Southeast Asia. BSAP was set up last year by ICG Asiaworks as a joint venture with Internet Capital Group, a United States-based distressed online-trading platform-investor. ICG Asiaworks, formerly toy-maker Harbour Ring International Holdings, was renamed Hutchison Harbour Ring this year after Internet Capital Group sold its majority stake back to Hutchison Whampoa and Harbour Ring former owner Luk Chung-lam. In March last year, Internet Capital Group joined forces with Hutchison to gain control of Harbour Ring, but its plan to turn it into a business-to-business platform builder failed to take off in the wake of the technology-stocks collapse. Hutchison is the second-largest shareholder of C&T. Meanwhile, Mr Ng said C&T in September had merged some of its operating units and reduced their number from seven to four. C&T derives most of its revenue from procuring and integrating computer systems and communication networks in the mainland. Mr Ng said it was targeting to book total revenue of HK$500 million this year, compared to about HK$340 million in the first-half. Lower projected second-half revenues were due to a lack of backlog orders. He said C&T was expected to book some write-downs on self-owned properties, and a goodwill write-off of HK$2 million to HK$3 million each year, assuming an amortisation period of 20 years, for its acquisition this year of human resource management software provider IPL.