|For Immediate Release||June 14, 2000|
Locally listed Far East Technology International Limited (the "Company") announced today that the Company has entered into a subscription agreement, to subscribe 1,120,000 new shares (the "Subscription Shares") in Tricom Cyberworld Holdings Limited ("Tricom").
The aggregate consideration for the Subscription Shares in the amount of HK$45.75 million will be settled by a mixture of newly issued shares and cash, in which HK$33.25 million will be paid by allotment and issue of 33,100,000 consideration shares in the capital of the Company to Tricom at an issue price of about HK$1.01 per new share, and the remaining HK$12.5 million to be paid in cash on completion of the subscription agreement. The consideration shares represent approximately 9.97% of the Company's issued share capital as enlarged by the issue of the consideration shares. The issue price of HK$1.01 per share represents a premium of about 34.66% to the closing price of HK$0.75 on June 14, 2000.
The principal business activities of Tricom include provision of seamless end-to-end or total eBusiness integration services, broadband network solutions, wireless communication and IT technology to enterprises in Hong Kong and China.
Commenting on the subscription agreement, Deputy Managing Director of Far East Technology Mr. Duncan Chiu said, "The subscription presents an excellent opportunity for the Company to diversify its existing business into the high-tech arena. It will complement the Company's business engagement in software development, system integration, e-solution, e-commerce, and operating of training and certification centers. We believe that the synergy will certainly benefit the Company amidst the robust growth in the internet sector."
|Issued by||:||Far East Technology International Limited|
|Through||:||Fidelity Communication Company|
For enquiries, please contact Mr. Duncan Chiu, Deputy Managing Director of Far East Technology International Limited on tel : 2850 0600
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