Pacific Internet Limited Supports Announcement by Infocomm Development Authority (IDA) to Invite Public Comment on Potential Connect Holdings Limited Offer |
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Pacific Internet Ltd.
89B Science Park Dr.
The Rutherford, 118261
Singapore
Press release date: March 9, 2007
SINGAPORE, March 9 -- Pacific Internet Limited (NASDAQ:PCNTF) ("PacNet" or the "Company"), Asia Pacific's largest telco-independent Internet Communications Service Provider by geographic reach, today said that it welcomes the Infocomm Development Authority's (IDA) Public Consultation initiative to gather industry and public feedback on the impact on competition in the Singapore telecommunications market as a result of the proposed non-horizontal consolidation between Connect Holdings Limited ("Connect") and Pacific Internet.
Under Singapore's Telecom Competition Code ("Telecoms Code"), IDA's approval is required for the acquisition of an interest in a licensee (Pacific Internet) that would result in the acquiring party (Connect) holding at least 30 per cent in the licensee. The public consultation process is provided for in the Telecoms Code and may be called at the sole discretion of the IDA. IDA issued a public consultation paper on 27 February 2007. The deadline for the submission of feedback is 12.00 noon on 12 March 2007. More details are available at http://www.ida.gov.sg/PoliciesandRegulation/20060424152019.aspx
President and Chief Executive Officer, Pacific Internet Limited, Mr Phey Teck Moh, said, "The IDA public consultation is an important platform for the industry and the public to raise salient points and provide feedback to the regulator, prior to it coming to a decision on whether to approve or deny the consolidation application. We are committed to ensuring the highest standards of corporate transparency. As one of the pre-conditions before Connect proceeds to make an offer is the obtaining of IDA approval, it is important that our shareholders are kept informed of the status."
As part of the IDA approval process, a competition consultant -- CRA International -- was engaged by Pacific Internet and Connect to provide a report on the impact of the proposed acquisition of Pacific Internet by Connect. CRA International's report was made only in relation to the regulatory competitive aspects of the consolidation. CRA International's report was included in a submission required to be made by Pacific Internet and Connect to the IDA. The findings and conclusion of the report are independent of any views and recommendations of the Independent Directors of Pacific Internet on the proposed offer by Connect.
Neither Pacific Internet nor its Board of Directors has taken any position on the Connect Pre-conditional Voluntary General Offer. If, and when, a formal Offer is made by Connect, the Independent Directors of Pacific Internet will appoint an Independent Financial Advisor (IFA) in accordance with the requirements of the Singapore Code on Takeovers and Mergers and issue its recommendation/s to shareholders.
About Pacific Internet Limited
Pacific Internet Limited or PacNet (NASDAQ:PCNTF) is the largest telco- independent Internet Communications Service Provider by geographic reach in the Asia Pacific region. The Company has direct presence in Singapore, Hong Kong, the Philippines, Australia, India, Thailand and Malaysia. PacNet delivers a comprehensive suite of data, voice and video services to both corporate business and consumer customers. For more information, visit http://www.pacnet.com/ .
Media Contact Bernard Ho Senior Corporate Communications Manager Pacific Internet Limited DID: +65-6771-0433 Mobile: +65-9782-3393 Email: bernard.ho@pacific.net.sg
Source: Pacific Internet Limited
CONTACT:
Media:
Bernard Ho,
Direct +65-6771-0433,
Mobile +65-9782-3393,
bernard.ho@pacific.net.sg;
Investor & Analyst:
Mervin Wang,
Direct +65-6771-0780,
Mobile +65-9798-6077,
investor@pacific.net.sg,
both of Pacific Internet Limited
Web site: http://www.pacnet.com/
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