MediaRing to reopen talks with PacNet

15 Aug 2006

Singaporean internet access provider MediaRing says it will start talks with Pacific Internet (PacNet) later this week to explore opportunities to work together. MediaRing is the largest shareholder in PacNet, with a nearly 30% stake, and recently launched an unsuccessful bid to take control of the company. However, it says it is now making headway in talks with PacNet, the largest telco-independent internet communications service provider by geographic reach in the Asia-Pacific region, and is meeting with it later this week to seek representation on its board. Koh Boon Hwee, Executive Director, MediaRing, told Channel Asia News, ‘The meeting is being set. We actually have no agenda. It is a meeting for us to get to know each other. And for the board to consider our request for representation. That’s the only item that is going to be discussed.’

MediaRing yesterday reported first half earnings of SGD5.4 million (USD3.4 million), a three-fold increase year-on-year, thanks in part to strong growth in its overseas markets in the Middle East and Indochina. Revenues were up 20% to USD53 million, driven by an overall increase in call traffic.

Singapore