CORRECTION: IRG looks to acquire Pacnet’s entire stake in Philippine JV

31 Mar 2008

IRG, a financial advisory and investment firm with a strategic focus on the telecoms, media and technology sectors in Asia, has signed a Letter of Offer with Singapore-based Pacific Internet (recently rebranded as Pacnet) to buy the latter’s entire stake in its Philippine joint venture Primeworld Digital Systems Inc (PDSI), not Prime Communications as we previously reported. Under the terms of offer, IRG would become a major stakeholder stakeholder in PDSI. The deal is expected to close in the coming month.