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(Post 1 of 35) 05/20/2000.08:22:00 |
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PacNet is now seeking a dual listing, secondary being Singapore... Here is the full story lifted from ST today.... NASDAQ-LISTED Internet access provider Pacific Internet (PacNet) has started preparations for a secondary listing in Singapore and is waiting for the "right timing" before launching it. The homegrown company has also taken first steps towards listing its e-commerce arm Pacfusion.com on Nasdaq. In addition, it is looking at initial public offers (IPOs) of shares in its Philippine, Indian and Australian subsidiaries. "We intend to do a dual listing in Singapore in the near future, depending on how fast my team can get their act together," said PacNet chief executive officer Nicholas Lee in an interview with The Straits Times. But although "it has started the process", PacNet will keep an eye on the market's overall performance in deciding when exactly to come into the market. "It's a question of timing," said Mr Lee. "We may not want to go into the market at this point in time." The same approach is being taken for PacNet's planned listing of Pacfusion.com on Nasdaq -- which he said would proceed despite the negative sentiment on US markets. "We are about to close the final round of funding for Pacfusion.com, and are in the process of appointing financial advisers for the IPO," said Mr Lee. Pacfusion.com is securing the last of the seed funding it needs from strategic investors, he explained, before going for a public listing -- again "when the time is right". The company is building up a cache of e-commerce applications -- partly through acquisitions such as its recent purchase of an 85 per cent stake in travel agent Safe & Mansfield Travel Group for US$5.9 million (S$10.2 million). Pacfusion.com intends to roll out these services across PacNet's regional ISP network, which spans six countries. Looking ahead, Mr Lee said PacNet remained undeterred by Nasdaq's recent meltdown, which slashed the company's market value by half. In fact, he added, "some good has come out of it". This is because the meltdown has not fundamentally affected PacNet's business strategies, but has thrown a spanner in the works for would-be competitors seeking capital. Turning to possible IPOs in the region, Mr Lee said PacNet will be looking to list its subsidiaries in markets where it has established dominance. PacNet Philippines, which has grown strongly to achieve No. 2 status among ISPs in the country, would be the first off the block. "And further up the growth curve, we will look at listing PacNet India and PacNet Australia as well," he added. Meanwhile, PacNet announced yesterday that its joint venture with electronics distributor Thakral Group and the Hinduja Group, one of India's largest conglomerates, has been called off. The plan to provide broadband Internet access to the Indian market via the Hinduja cable network was scuttled after PacNet and Thakral failed to come to an agreement with Hinduja on key terms of the joint venture. "The Hinduja group will continue independent expansion of its Internet businesses," said a PacNet spokesman yesterday. -------------------------------------------------------------------------------- SILVER LINING "Some good has come out" of Nasdaq's recent meltdown, says PacNet chief executive officer Nicholas Lee, as it makes it difficult for would-be competitors to raise capital. "Many start-ups sell themselves to venture capitalists based on the hope of getting a valuation from the stock market. They are increasingly unable to do so now -- to get venture capitalists to fund what are otherwise extravagant loss-making programmes." |
| (Post 2 of 35) 05/20/2000.08:57:00 |
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That means now PacNet has 2 sugar daddy.... remember the comment Phillip Yeo made abt SingNet. I always remembered that we have 6 ISPs in Singapore.ie. DataOne SingNet Starhub PacNet UUNet Anyone know what is the 6th ISP? |
| (Post 3 of 35) 05/20/2000.09:05:00 |
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I think the last one is a JV between C&W and Creative, dunno whats the name. Anyway, I dont think UUNet or this one has launched the service. DataOne is the latest addition, but I know they only target the corporates & SMEs..... probably a good move since the consumer mkt is already so saturated with free access if you surf with 2 of them. |
| (Post 4 of 35) 05/20/2000.11:55:00 |
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Pacific Internet cancels internet jv talks with Hinduja Group Source : AFX SINGAPORE 11:34 20/05/2000 SINGAPORE (AFX-ASIA) - SembCorp Industries Ltd unit Pacific Internet said it has discontinued discussions with Hinduja Group to form a broadband internet access joint venture in India. "The negotiations were discontinued, as Pacific Internet and the Thakral Group could not agree with Hinduja on the key terms of the joint venture," it said. "Pacific Internet and Thakral, which is currently in Mumbai, Bangalore and New Delhi, will continue to stay on plans to expand their internet access busines in India," it said. It added that the Hinduja Group will proceed independently with plans to expand their own internet business. |
| (Post 5 of 35) 05/21/2000.12:53:00 |
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AFX story of Pacific Internet listing in Singapore: Pacific Internet planning secondary listing in Singapore Source : AFX SINGAPORE 11:13 20/05/2000 SINGAPORE (AFX-ASIA) - Pacific Internet Ltd, which is listed on NASDAQ, is planning a secondary listing in Singapore, the Straits Times quoted Pacific Internet chief executive officer Nicholas Lee as saying. "We intend to do a dual listing in Singapore...It is a question of timing, " Lee said. "We may not want to go into the market at this point in time," he said. Lee said Pacific Internet unit Pacfusion.com, however, is proceeding with plans to list on NASDAQ. "We are about to close the final round of funding for Pacfusion.com and are in the process of appointing financial advisers for the IPO," he said. Pacific Internet is a unit of SembCorp Industries Ltd. |
| (Post 6 of 35) 07/05/2000.22:08:00 |
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CNET story on Pacific - seems it has been taking some heat recently from analyst: Pacific Internet refutes Lehman downgrade By Anand Menon Wednesday, July 5 2000 SINGAPORE--Nasdaq-listed Pacific Internet (PI) has publicly refuted a Lehman Brothers report downgrading the Nasdaq-listed ISP from "neutral" to "underperform." Just one month earlier, the investment house had downgraded its recommendation on PI from "buy" to "neutral" on the back of the company's disappointing first quarter results. "We also voiced our concerns about the company's future profitability as competitive pressures continued to be felt in its core Singapore ISP business at the same time (that) PI was pressing ahead with its investment initiatives in other less competitive markets (such as India and Thailand) and expanded its e-commerce activities," said Lehman Brothers analysts Stephen McKeever and Nicholas Spratt in their latest report dated June 23. In a letter to McKeever and Spratt, PI chief executive officer Nicholas Lee called the report "misleading to its readers as it does not present a complete picture of PI's current state of business". PI responds to arguments According to the report, McKeever and Spratt attributed part of the downgrade to a recent acquisition in Australia of a local Internet service provider (ISP) that may have "negative implications for valuations of non-market leader, non-telco narrow-band ISPs in the Asia Pacific region". This would particular apply to those "facing tough competition from much bigger players that enjoy the margin advantage of having their own network". "PI, which competes with Singapore Telecom's Singnet subsidiary in its core Singapore market and against Cable & Wireless HKT in Hong Kong, falls into this category," the report said. Said Lee: "We fail to understand the rationale in using a local Australian ISP as the basis of comparison to our company, without due regard (to) issues of size, reach, management ability and profitability." When Singapore.CNET.com spoke to McKeever in a phone interview, he maintained that "the EISA transaction in Australia implies that valuations of narrowband ISPs in the region are under pressure". "If PI were to trade at the same valuation per subscriber as the EISA transaction suggests (that is, US$175 per subscriber), then the stock would trade around US$3.80 per share compared with US$18.75 currently," the analysts noted. That said, "we are not suggesting that PI should trade at such a low level as the EISA acquisition implies". The analysts cited PI's "greater scale, regional network, higher profile and brand value as a result of its Nasdaq-listed status, and the undoubted growth potential of its Indian joint venture, as well as the fact that Eisa was something of a forced seller". In the letter, however, Lee said: "PI is now moving into new and significant revenue streams, such as our e-travel venture, and our impending launch of telco services by the end of the year. It is our view that the comparison with EISA, a local Australian ISP, is grossly unfair and misleading to the reader, and has chosen to ignore PI's many business successes." To underline his argument, Lee added: "If (the report's suggested valuation method) were to be...applied to other reputable regional ISPs such as Satyam Infoway (which has a reported 200,000 dial-up subscriber base), their valuation would actually fall to US$0.39 cents per share." Satyam Infoway ADRs (American Depository Receipts) are currently trading around US$22.75. The profitability squeeze According to the report, another reason the downgrade was due to comments by Lee that PI would experience a 'significant squeeze on profitability' because of greater than expected investment in its Indian ISP business and the company's PacFusion e-commerce subsidiary. To this, Lee said: "The statement in question ignores the fact that our 'profitability squeeze' would actually be a result of significant and strategic investments in our on-going India ISP expansion, our acquisition of Safe and Mansfield Travel Group, and our Telco investments, all of which will contribute to future revenue streams." Lee went on to explain that by the third quarter of 2000, PI planned to offer IDD (international direct dial) services in Singapore, thus allowing PI to bypass the incumbent telcos in buying bandwidth, and widened out their broadband rollout to corporates. Looking ahead On the third reason for the downgrade--PI's financials--McKeever explained: "The company results for the first quarter of this year were disappointing with revenue actually declining quarter on quarter on a like-for-like basis... (In fact) PI has achieved little progress in generating meaningful e-commerce revenues in the last three quarters, despite the company's considerable efforts and investments in this area". Lee said: "To date, we have logged in four quarters of profitable operations since our listing in Feb 1999, out of a total five quarters, which is a rarity in a market currently awash with unprofitable companies and inflated share valuations." He added that PI "expect strong and continued revenue growth in the medium term" based on its ISP expansion in India, Philippines, Thailand, Australia and Hong Kong. Compared to the same period last year, PI's first-quarter profits for the three months ending March 31, 2000 fell 95 percent from S$2.8 million to S$267,000. Looking ahead, McKeever said he was forecasting fiscal year 2000 revenues of US$52 million (S$90 million) and a net loss of US$15.3 million (S$26.5 million) for PI. When asked if he agreed with Nicholas Lee's letter and comments, McKeever said: "Clearly, Nicholas and I have a difference of opinion at this time, but it takes at least two views to make a market." McKeever also declined to comment on how long he plans to keep PI's "underperform" rating. Pacific Internet shares last traded at US$15.88, up US$0.63. |
| (Post 7 of 35) 07/06/2000.03:51:00 |
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Pacific Internet launches Chinese language portal SINGAPORE (AFX-ASIA) - Pacific Internet Ltd said it has launched a Chinese language web site portal in Hong Kong and Singapore. Chinese Pacfusion.com would leverage on the success of PacNet, its English language couterpart and a NASDAQ-listed company, it said. "With over one billion people communicating in Mandarin, our Chinese language portal is an important part of our strategy to dominate the web experience of the Asian Internet user," said Larry Ang, president of Pacfusion.com, PacNet's e-business subsidiary. The Chinese portal would offer news in areas such as entertainment, health and lifestyle, it said. The company announced last month it would embark on a 35 mln usd regional expansion focused on e-business and Internet provisison services. zr |
| (Post 8 of 35) 07/21/2000.21:27:00 |
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PacNet to unveil H1 results on Aug 16 |
| (Post 9 of 35) 07/21/2000.21:42:00 |
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PacNet has been attempting to diversify its Singapore-based revenue stream as well as its ISP business at an aggressive pace. Nevertheless, its financial results showthat e-commerce remains a small 4% of total revenue. SELL if I ve the stock. My fears concerning the landscape for portals in the next 12 months is likely to change drastically with local/regional portals being placed at the losing end if they do not match up with their global competitors eg. Yahoo! Singapore in terms of their sales network and brand building. Competitive weakness of these local and regional portals lies in CASH position, SALES network and CPM rates Let me talk abt CASH as this decides which portal will survive in the next 12-18 months. Pacific Internet (PacNet) which has cash of about $50m is in a steadier position than Panpac Media’s S$30m or less in this respect. Global portals, are however, generally well capitalized or have parents which are well capitalized. LycosAsia has pointed out that their intention to list on SGX has little to do with their need to raise cash but to gain currency to acquire strategic assets. They ve unlodged AsiaBourse and going for te-up with major global names like QuamNet of HK. Next, is SALES network. The revenue base of a global portal player is generally different to that of their local counterparts. On capturing ad revenue, global players such as Yahoo! or MSN leverages on their strong brand name rather than boasting pageviews as a marketing edge. US companies which already advertise on the these portal are more inclined to tap on their Asian ad inventories should they choose to market to Asia. Local/regional portals do not share the same kind of leverage in the area of international sales network and are generally reliant on Singapore-based adrevenue...which I sahll say good luck. Finally, most local portal pageviews have been growing exponentially while CPM rates continued to decline significantly. This could suggests that their cost-revenue ratios have been rising steadily, hence translating to negative cashflow. Indeed, local CPM rates have been eroding from an industrial average of $50 six months ago to its current $20. The sooner local portals come to terms with the fact that they will be dependent on ad revenues for the next two years and put aside imaginary B2B e-commerce transaction income, the better. |
| (Post 10 of 35) 07/26/2000.07:35:00 |
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Pacific Internet back in the news after being quiet for a while. Straight after announcements on LDMS, it is jumping into the bandwagon with announcement providing this for the businesss district. CNET story: PI to spend S$10 million on LDMS By Nawaz Marican Tuesday, July 25 2000 Nicholas Lee Pacific Internet CEO SINGAPORE--Regional Internet Service Provider Pacific Internet (PI) will spend about S$10 million next year to roll out Local Multipoint Distribution Services (LDMS) in the business district here, its chief said today. "We hope to cover about 95 percent of the business area," said PI chief executive officer Nicholas Lee at a media briefing. LDMS is a wireless digital transmission that works in the range of 24-40 GHz. The technology requires a line of sight between the transmitter and receiving antenna. Many claim that LMDS is easy to deploy and works within a few kilometer radius from the base station. However, LMDS transmission capability diminishes depending on weather conditions. According to Lee, the company will be targeting LDMS to corporations, small and medium enterprise, and "affluent residents". "We hope to provide this service to certain residential areas in two to three years time," he said. He declined to disclose further details on its plans for LDMS as it would "alert competitors". |
| (Post 11 of 35) 08/17/2000.01:41:00 |
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Pacific Internet 2Q Losses S$5.2M Vs S$958,000
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| (Post 12 of 35) 08/17/2000.01:42:00 |
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Pacific Internet Postpones Listing On SGX SINGAPORE (Dow Jones)--Pacific Internet Ltd. (PCNTF), a Singapore-based Nasdaq Composite Index-listed Internet service provider, has postponed plans for a secondary listing in Singapore due to adverse market conditions, a senior executive said. "Under current market conditions, it is not suitable to do so," said Ko Kheng Hwa, Chairman of Pacific Internet in a telephone conference, adding that recent corrections on the Nasdaq and the Singapore bourse are causes for concern. "We will have to continue and see if the capital markets in Singapore and the U.S. improve," Ko said. "We are definitely interested in a dual listing as it will increase analysts' coverage on our stock" he added. Ko said a listing is likely within the next 24 months. Pacific Internet has also decided to put off the listing of its PACfusion.com unit on Nasdaq for similar reasons, Ko said. |
| (Post 13 of 35) 08/17/2000.06:35:00 |
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More details on PI's plans to list on SGX, waiting for approval. But Pacfusion to be delayed. This story came from CNET: Pacific Internet plans to list in S’pore by 2002 By Anand Menon Wednesday, August 16 2000 SINGAPORE--Nasdaq-listed Pacific Internet Ltd (PI) hopes to list in Singapore in 12 to 24 months, said its CEO Nicholas Lee. “With the current lackluster capital market, we do not believe it's expedient to do so (to list) at this point of time,” Lee said during a conference call with the media and analysts after PI’s second quarter financial results were released. “But we still intend to come back when the capital markets improve,” he added. In May, Bloomberg reported that PI had started talks with the Singapore Exchange to seek its approval to list here. To a question, Lee said that the company has yet to receive in-principle approval from the SGX. "PI is in continued discussions with the exchange," he added. As for Pacfusion.com, the e-commerce unit of the ISP, Lee said: “We originally planned to list Pacfusion in the 24 month range. Now, with the cool off of the capital market, this may take a bit longer…it is our intention of course to list (Pacfusion) in Singapore or in the US at the appropriate time”. PI also said its dial-up subscriber base in Singapore for the three months ending June 30, 2000 rose to 200,331 from about 197,000 in the first quarter of this year. The Internet access market in Singapore has seen intense competition with the introduction of free surfing plans from StarHub Internet and Singapore Telecoms. When asked who audits its dial-up subscriber figures, PI chief financial officer Chiam Heng Huat said: “These numbers are proforma unaudited numbers. We’re not compelled or required to have the quarterly numbers audited. But rest assured that being a listed company, the annual numbers are fully audited at the end of the year”. PI last traded at US$14.63, down US$0.19 on the Nasdaq. |
| (Post 14 of 35) 08/18/2000.01:26:00 |
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Pacific Internet Q2 net loss 1.60 mln usd vs loss 400,000 usd SINGAPORE (AFX-ASIA) - SembCorp Industries Ltd unit Pacific Internet Ltd second quarter to June results: Net loss - 1.60 mln usd vs 400,000 usd EBITDA loss - 300,000 usd vs loss 800,000 usd Net revenues - 15.40 mln usd vs 10.30 mln In a statement, Pacific Internet said net loss more than doubled to 1.60 mln usd in the second quarter due mainly to increase cost of investments in Pacfusion.com and consolidation of new acquisitions in Australia and expansion into India. "Our key investments in new regional markets and our e-business venture, pacfusion.com, will continue to have an impact on our bottom-line in the near term," company chairman Ko Kheng Hwa said. The company said the strong growth in revenues in the second quarter was due to a 44 pct rise in its dial-up internet subscriber base and an 88 pct growth in ISDN and corporate leased line subscribers. |
| (Post 15 of 35) 08/18/2000.01:52:00 |
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*file* SembCorp to start Pacific Internet stake sale process in Sept SINGAPORE (AFX-ASIA) - SembCorp Industries Ltd will start the bidding process for the sale of its stake in Pacific Internet Ltd in September. President and chief executive Wong Kok Siew said the company has completed an information memorandum for the bidding process to start in September. It has also appointed a financial adviser, he told a news conference to release the company's interim results. Wong said interest has been shown by several global and local players for SembCorp's stake in Pacific Internet. On whether SembCorp plans to sell all or part of its 42 pct stake in Pacific Internet, he said the company is willing to completely divest its stake in Pacific Internet if it can find the right party at the right price. "We are willing to let them (the buyer) take up a significant share (in Pacific Internet) and yield management control to them." Wong expressed disappointment over Pacific Internet's interim results, which were also released today. He said Pacific Internet's Singapore operations were doing "all right" but its regional expansion plans were pulling the company down due to start-up costs. The partner that SembCorp is looking for Pacific Internet includes those in the telecommunications services, broadband or content providers. He said the business model for ISPs has changed, adding that being regional is no longer enough. Wong said there has to be a link-up with a telecom firm or a content provider. "The key is to find the right partner at the right price." |
| (Post 16 of 35) 09/27/2000.03:08:20 |
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Pacific/Thakral/Star TV/India : For Internet Services
Source : Dow Jones 20:29 26/09/2000 SINGAPORE (Dow Jones)--Nasdaq-listed Pacific Internet Ltd. (PCNTF, P.PCX) and Singapore's Thakral Corp. Ltd. (P.TKL) said Tuesday that they are in talks with Hong Kong-based Star TV (H.STV) to explore business opportunities in the Indian Internet access services market. Details of the negotiations will be released once they are finalized, the two companies said in a brief statement. India's newly liberalized Internet services sector has attracted a host of domestic and foreign players offering Internet services. Singapore-based Pacific Internet offers Internet services in six countries: Singapore, Australia, Hong Kong, India, the Philippines and Thailand. Among other activities, Thakral assembles and distributes electronic products and information technology hardware and is involved in software development and consultancy services. |
| (Post 17 of 35) 09/28/2000.02:11:09 |
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SingTel, Pacific Internet, others sell 1-Net to MediaCorp
SINGAPORE (AFX-ASIA) - Singapore Telecommunications Ltd, Pacific Internet, StarHub Internet, Singapore Cable Vision and InfoComm Development Authority's (IDA) Singapore Communications Pte Ltd have sold their entire stake in 1-Net to MediaCorp of Singapore, IDA said in a statement. It declined to say how much MediaCorp is paying for 1-Net, which owns Singapore's broadband infrastructure. Prior to the divestment, Singapore Communications held a 10 pct stake in 1-Net, while SingTel and Singapore Cable had 30 pct stakes each and StarHub Internet and Pacific Internet had 15 pct stakes each. "The telecommunications market in Singapore is now fully liberalised and with the convergence of broadcast technologies and infrastructure, the sale of 1-Net to MediaCorp makes sense," SingTel vice president for business development Leong Shin Loong said. |
| (Post 18 of 35) 10/17/2000.01:05:23 |
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Pacific Internet Launches Broadband Svcs
Source : Dow Jones 19:17 16/10/2000 SINGAPORE (Dow Jones)--Nasdaq-listed Pacific Internet Ltd. (PCNTF) said Monday it will begin offering broadband services in Singapore and five other countries. Pacific Internet said it will offer high-speed Asymmetric Digital Subscriber Line and Symmetric Digital Subscriber Line technologies to users in Singapore, Hong Kong and Australia, the company said in a statement. Similar services will later be offered in India, the Philippines and Thailand. "Declining international bandwidth costs, coupled with the growth of bandwidth intensive Web-based applications have fueled the demand for broadband products," said Nicholas Lee, Pacific Internet's chief executive. Pacific Internet already offers broadband service to corporate clients in Australia and Hong Kong. In Singapore, Pacific Internet expects strong demand from small- and medium-sized enterprises and the home user market, it said. SingNet, the Internet arm of telecom giant Singapore Telecommunications Ltd. (P.SGT) and Singapore Cable Vision Pte Ltd., are two companies that currently offer broadband access in Singapore. |
| (Post 19 of 35) 11/15/2000.22:52:01 |
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Pacific Internet Q3 net loss 8.806 mln sgd vs profit 275,000
SINGAPORE (AFX-ASIA) - SembCorp Industries unit Pacific Internet three months to September results: Net loss - 8.806 mln sgd vs profit 275,000 sgd Pretax loss - 8.959 mln sgd vs profit 279,000 sgd Net revenues - 27.568 mln sgd vs 22.108 mln Loss per share - 49 cents vs EPS 9.0 Nine months to September results: Net loss - 13.774 mln sgd vs profit 2.10 mln Pretax loss - 13.272 mln sgd vs profit 983,000 sgd Net revenues - 80.176 mln sgd vs 59.006 mln Loss per share - 46 cents vs EPS 28 In a statement, the company said the losses were to operating costs associated with PACfusion and the consolidation of the group's Australian internet service providers (ISPs). "Our strong revenues reflect the viability of our internet business model, while our losses stem from our strategic initiatives designed to enhance our overall level of profitability going forward," Pacific Internet chairman Ko Kheng Hwa said. Ko said the company's ISP operations in Singapore, Hong Kong and the Philippines are profitable, while ISP operations in Australia, India, Thailand as well as PACfusion, its internet portal, continue to make losses. "As these (loss-making) new businesses mature, we expect the group to return to profitability," Ko said. Pacific Internet said its Australian ISP operations should break even by end-2001. As of end-September, Pacific Internet said it had 363,189 dial-up subscribers in the six countries it operates in, up 32.0 pct year-on-year. Its leased line and ISDN customers also rose 34.0 pct year-on-year to 2,775. |
| (Post 20 of 35) 11/29/2000.09:20:52 |
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S'pore unaffected by Pacfusion India retrenchments
Story from CNET: http://singapore.cnet.com/news/2000/11/28/20001128az.html |
| (Post 21 of 35) 01/23/2001.12:55:12 |
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Mitsubishi Corp buys 8.0 pct stake in Pacific Internet's Pacfusion.com
Source : AFX SINGAPORE 9:18 23/01/2001 SINGAPORE (AFX-ASIA) - Mitsubishi Corp has acquired an 8.0 pct stake in Pacfusion.com, the internet portal of Pacific Internet, for 3.0 mln usd, Pacific Internet said. The capital injection, which values Pacfusion.com at 38 mln usd, will be used to finance growth of Pacfusion.com's e-commerce operations, it said. |
| (Post 22 of 35) 02/15/2001.22:55:51 |
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Pacific Internet 2000 net loss 11.781 mln sgd vs profit 8.069 mln
Source : AFX SINGAPORE 19:03 15/02/2001 SINGAPORE (AFX-ASIA) - Pacific Internet Ltd 2000 results: Net loss - 11.781 mln sgd vs profit 8.069 mln Net revenue - 109.286 mln sgd vs 85.504 mln Opg loss - 18.336 mln sgd vs profit 1.442 mln Opg expenses - 127.662 mln sgd vs 84.062 mln Loss per share - 0.92 cent vs EPS 0.65 cent In a statement, the company said the losses were mainly attributable to higher operating costs associated with its expansion into India and Thailand, as well as Pacfusion.com. "Excluding depreciation and amotisation costs, our operating expenses for the year have been manageable, having decreased by 14 pct since the third quarter of 2000. We project that our established revenue streams, coupled with our efforts to control costs and our new investments will facilitate our return to profitability," it said. Its group dial-up subscriber base rose 33.5 pct to 382,048, with Australia posting the highest growth of 113 pct, followed by the Philippines at 68 pct and Hong Kong at 42 pct. Corporate leased line access revenues rose 41.5 pct to 14.6 mln usd, it said. |
| (Post 23 of 35) 02/26/2001.22:05:21 |
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Pacific Internet Appoints Tan Tong Hai CEO
Source : Dow Jones 26/02/2001 20:04 SINGAPORE (Dow Jones)--Nasdaq-listed Pacific Internet Ltd. (PCNTF) has appointed Tan Tong Hai President and Chief Executive replacing Nicholas Lee, who resigned for personal reasons, the Singapore based company said in an announcement Monday. Tong Hai, 38, is the chief executive of Asia Pacific Creation, a holding company for e-commerce and internet-related investments. His appointment is effective March 5. Tong Hai was also chief executive of StarHub Internet from 1999 to 2000. |
| (Post 24 of 35) 02/27/2001.21:29:42 |
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Pacific Internet president-CEO quits, replaced by former Starhub Internet GM
Source : AFX SINGAPORE 8:48 27/02/2001 SINGAPORE (AFX-ASIA) - Pacific Internet said its president and chief executive officer Nicholas Lee has resigned, effective immediately. Lee will be replaced by Tan Tong Hai, former general manager of StarHub Internet, from March 5, it said. It said Lee, who has been with the company since it was established six years ago, left for personal reasons. |
| (Post 25 of 35) 02/27/2001.23:44:28 |
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Tan Tong Hai is Pacific Internet's new CEO
Tan Tong Hai will replace Nicholas Lee as CEO of Pacific Internet Ltd effective March 5. http://singapore.cnet.com/news/2001/02/26/20010226ar.html |
| (Post 26 of 35) 03/03/2001.15:34:14 |
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Anyone know this guy good or not? Any background stories to tell?
Tan Tong Hai is Pacific Internet's new CEO Tan Tong Hai will replace Nicholas Lee as CEO of Pacific Internet Ltd effective March 5. http://singapore.cnet.com/news/2001/02/26/20010226ar.html |
| (Post 27 of 35) 03/04/2001.17:56:50 |
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PI still for sale despite new CEO
SembCorp Industries Ltd still intends to dispose of its stake in online service provider Pacific Internet Ltd despite the latter's recent change in management. http://singapore.cnet.com/news/2001/03/01/20010301ax.html |
| (Post 28 of 35) 05/19/2001.17:31:06 |
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Pacific Internet unaware of possible SingTel buy
Pacific Internet Ltd (PI) is unaware of parent SembCorp Industries Ltd's interest to sell its entire 42 percent stake (in PI) to Singapore Telecommunications Ltd. http://singapore.cnet.com/news/2001/05/14/20010514s.html |
| (Post 29 of 35) 07/20/2001.09:40:21 |
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Research reproduced with permission from Daiwa.
PACIFIC INTERNET LIMITED: Company visit: Shift in focus · We do not formally cover Pacific Internet, but met recently with the new president and CEO, Mr Tan Tong Hai, and the FD, Nancy Tan. · Pacific Internet’s business model has shifted from Internet access service provider to Internet service provider, with a new focus on offering higher-value-added services such as application development and data centre back-end integration services. Pacific Internet tags itself a “customer-facing unit of bandwidth suppliers” rather than a simple reseller of bandwidth. It claims competitive advantages of brand name, customer relationships and pan-Asian presence. · In 2000 Pacific Internet suffered a 27% decrease in dial-up access revenue due to price reductions in the wake of the introduction of free Internet services by SingNet. However, the number of dial-up subscribers grew by 7.5% to 209,765 as of end 2000 (and total subscribers, including ADSL and leased-lines, increased to 380,000). Churn rates remained low at 2%, showing consumer willingness to pay for feature-enhanced email accounts and other services. ARPU for dial-up and lease lines was US$9.32 and US$1,526 respectively in 2000. Pacific Internet now has 3,000 corporate customers and management is now focusing on corporate account development as it regards its retail dial-up operations as reflecting signs of saturation in Singapore. · Pacific Internet has more than 1,000 employees in Singapore, the Philippines, Hong Kong, Thailand, India and Australia. In 2000, the company suffered a US$12.9m loss due largely to the investment in the e-business unit, Pacfusion, and start-up costs in India and Thailand. The company has since consolidated the Pacfusion units and is rationalising operations in India and Thailand. Management also expects Australia to turn EBITDA positive this financial year (Singapore, the Philippines, and Hong Kong are already EBITDA positive). Management has targeted a net profit at the group level by the end of 2002. · While Pacific Internet’s broadband business does not contribute positively to the bottom line, the company recognises ADSL broadband services as the key to its future. Pacific Internet believes the relatively disappointing take-up of broadband services in Singapore at present is due largely to the lack of killer applications and appealing content rather than the free dial-up services offered by some competitors. Pacific Internet does not regard the current range of games, Internet TV and video on demand services as sufficiently appealing or cheap. · Pacific Internet’s major cost component, bandwidth, is continuing to fall in price – down by two-thirds from a year ago. Management is exploring the possibility of buying shared bandwidth (3-4 times cheaper), IRU (irrefusable right of use) or submarine capacity. Although C2C, APCN2 and others have approached Pacific Internet, the company appears reluctant to commit to any long-term bulk purchases as it awaits further price declines. · Singapore Telecom recently abandoned plans to acquire Pacific Internet due to regulatory issues. We believe Pacific Internet’s major shareholder, SembCorp, wishes to sell, and, as such, Pacific Internet will likely seek a US or European strategic partner. |
| (Post 30 of 35) 01/15/2002.09:42:02 |
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Release of FY 2001 Results
SembCorp Industries and its listed companies will be announcing their Full Year 2001 results on these dates: Singapore Food Industries January 28 (Mon) Pacific Internet February 7 (Thurs) SembCorp Marine February 18 (Mon) SembCorp Logistics February 19 (Tues) SembCorp Industries February 20 (Wed) These dates are correct as at Monday, January 14, 2002 and may change. We will update this notice should there be any amendments. |
| (Post 31 of 35) 07/09/2002.09:29:34 |
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| (Post 32 of 35) 01/14/2003.12:28:35 |
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SembCorp Industries and its listed companies will be announcing their Full Year 2002 results on these dates: SembCorp Logistics February 5 (Wednesday) Pacific Internet February 6 (Thursday) SembCorp Marine February 7 (Friday) SembCorp Industries February 10 (Monday) These dates are correct as at Monday, January 6, 2003 and may change. We will update this notice and inform you should there be any amendments. |
| (Post 33 of 35) 01/17/2003.16:01:42 |
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Release of Full Year 2002 Results
SembCorp Industries and its listed companies will be announcing their Full Year 2002 results on these dates: SembCorp Logistics January 30 (Thursday) Pacific Internet February 6 (Thursday) SembCorp Marine February 7 (Friday) SembCorp Industries February 10 (Monday) These dates are correct as at Monday, January 17, 2003, and may change. We will update this notice and inform you should there be any amendments |
| (Post 34 of 35) 03/24/2003.10:04:01 |
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March 21, 2003
SembCorp Industries and its listed companies will be announcing their First Quarter 2003 results on these dates: SembCorp Marine April 28 (Monday) SembCorp Logistics April 30 (Wednesday) SembCorp Industries May 12 (Monday) Pacific Internet May 13 (Tuesday) These dates are correct as at Friday, March 21, 2003, and may change. We will update this notice and inform you should there be any amendments. |
| (Post 35 of 35) 07/08/2003.11:36:22 |
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SembCorp Industries and its listed companies will be announcing their Half Year 2003 results on these dates: SembCorp Logistics - July 30 (Wednesday) SembCorp Marine - August 1 (Friday) Pacific Internet - August 7 (Thursday) SembCorp Industries - August 11 (Monday) These dates are correct as at Monday, July 7, 2003 and may change. We will update this notice should there be any amendments. |
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