Information  X 
Enter a valid email address

enterpriseAsia (EPA)

  Print      Mail a friend

Thursday 27 July, 2000

enterpriseAsia

Acquisition of Interest

enterpriseAsia.com PLC
27 July 2000

enterpriseAsia.com plc ('enterpriseAsia' or 'the Company')

£1.2 million investment in CFN (UK) Limited


The Board of enterpriseAsia is pleased to announce that it has today entered
into an agreement to subscribe a total consideration of £1,199,700 in cash for
new ordinary shares in CFN (UK) Limited ('CFN UK') representing 39.99% of its
issued share capital.  StartIT.com.plc, a company in which Peter So, the
Non-executive Chairman of enterpriseAsia, is chairman has also today
subscribed £300,000 for 10% of the issued share capital of CFN UK.

CFN UK will be part of the Cyber Financial Network ('CFN Network'), which is
being established globally by CFNasia Holdings Limited ('CFN Holdings') a
company based in Hong Kong.  CFN Holdings, which will own the balance of
50.01% of the shares in CFN UK, is a technology consultant and enabler
providing turnkey business to business e-commerce solutions to financial
institutions and intermediaries globally. 

Through the CFN Network, CFN UK will become a technology enabler for small to
medium sized brokers and financial institutions in the UK who need to
diversify their traditional services into the internet and overseas investment
vehicles, thus enabling such financial institutions to maintain their
competitive position against the larger market players.  Based on systems
designed by CFN Holdings and already in operation in Hong Kong, CFN UK will
install and maintain online trading systems using the Internet for its
clients.  These systems will provide them with the facilities to enable UK
investors to trade in UK and overseas securities and overseas investors to
trade in UK securities.  

The total amount subscribed by enterpriseAsia and StartIT.com plc for new
ordinary shares of CFN UK of approximately £1.5million is projected to provide
sufficient working capital for the initial funding required to launch CFN UK
and maintain it during its first year of operation.  CFN UK will be launched
in October 2000 and is expected to become profitable in its second year of
operation.  

The Board of enterpriseAsia believes that the investment in CFN UK represents
a unique business opportunity to participate in building a global financial
services network in association with CFN Holdings which is establishing
operations in Hong Kong, Japan and the USA.

Peter So, the Non-Executive Chairman of enterpriseAsia and the holder of 4.1%
of its issued share capital, is also chairman of StartIT and the holder of
11.9% of that company's share capital.  Peter So is a director of CFN Holdings
Limited and the beneficial owner of 10% of its share capital.

The Board of enterpriseAsia (other than Peter So who, in view of his
interests, has taken no part in the Board's deliberations) is of the opinion,
having consulted with the Company's nominated adviser, English Trust Company
Limited, that the terms of the transaction are fair and reasonable so far as
shareholders of the Company are concerned.


For further information, please contact

Phill Brown  
Corporate Relations Director, enterpriseAsia.com plc        +44 1274 623 478
Benjamin Ng       
Chief Executive Officer, enterpriseAsia.com plc               +852 2116 5900
Peter Addison, English Trust Company Limited                   020 7608 0888



                                                                                
                                                                                
                             

a d v e r t i s e m e n t