IRG Looks to Acquire Pacnet's Entire Stake in Philippine Joint Venture

MANILA, Philippines, March 27 /Xinhua-PRNewswire/ -- Pacific Internet Limited, a Pacnet company, today announced the signing of a Letter of Offer from IRG to buy Pacnet's entire stake in its Philippine joint venture, Primeworld Digital Systems, Inc. (PDSI).

Under the terms of the Offer, IRG has offered to buy Pacnet's entire ownership of PDSI. IRG is a financial advisory and investment firm focused on the telecommunications, media and technology sectors in Asia.

With the exit of Pacnet, IRG would become a major shareholder of PDSI. Pacnet has been a primary shareholder and financial backer of the business in the Philippines since 1998.

The company anticipates that this deal will close in the coming month.

About Pacnet

Pacnet, a leading telecom services provider, was born from the operational merger of Asia Netcom and Pacific Internet. Pacnet owns and operates EAC-C2C, Asia's largest privately-owned submarine cable network at 36,800 km with design capacity of 10.24 Tbps. Offering a comprehensive portfolio of industry leading IP-based solutions, Pacnet serves the carriers market as well as large enterprises and SMEs. Pacnet is headquartered in Hong Kong and Singapore with offices in all key markets in Asia and worldwide. For more information, please visit: http://www.pacnet.com/ .

About IRG

IRG is a financial advisory and investment firm focused on the telecommunications, media and technology (TMT) sectors in Asia. Through its TMT industry expertise, IRG has focused on creating shareholder value for its clients and its proprietary investments since its inception in 2000. IRG is headquartered in Hong Kong. For more information, please contact communications@irg.biz

For more information, contact:

Lorain Wong
Pacnet
Tel: +852-2121-2973
Email: lorain.wong@pacnet.com

Source: Pacnet

CONTACT: Lorain Wong of Pacnet, +852-2121-2973, or
lorain.wong@pacnet.com

2008-03-27 23:12:08 0321865 PRNEWSWIRE