Tom.com to acquire 49 pct stake in print media jv for 1.30 bln twd

HONG KONG (AFX-ASIA) - Tom.com Ltd said the company has agreed to acquire a 49 pct stake in a joint venture to be established in the print media business for 1.30 bln twd.

	    In a statement, Tom.com said 85 pct of the consideration will be applied towards the purchase of existing shares of the joint venture and the balance of 15 pct will be applied towards subscription of new shares in the joint venture.

	    While Tom.com did not specify what the joint venture is in the statement, the press in Hong Kong and Taiwan said Tom.com is about to acquire a stake in a merged entity of Taiwan-based PC Home and Cite Publishing.

	    Tom.com said about 42.5 pct of the consideration or 553.11 mln twd will be satisfied by allotment and the issue of 23.90 mln new shares at 5.51 hkd each, with the balance satisfied by cash.

	    Tom.com will hold a news conference this afternoon.

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