Regent Pacific is to launch a series of Asian technology funds as part of the group's new strategy wh...
The Regent Pacific group, to be re-named Interman, will focus on internet and technology investments via the integration of technology holding company, Interman Holdings.
The new company will focus on Asian high-tech fund management, managing its existing Asian internet investment portfolio, and managing its Korean internet company, Korea Online.
Regent's existing Asian asset management business, with funds under management of $600m, will be merged into the new Interman company, and under this name will launch the new series of funds, which has already received commitments of at least $25m for investment into the first product.
Interman currently holds a portfolio of investments in internet-related companies, in particular a 74% interest in internet retailer BigSave.com. Regent Pacific and Interman have invested in 26 internet companies over the past two years.
The company's Eastern European investments will be held under the company Regent Europe.
This will include the group's Russian investment funds including the Tiger range, recently re-opened after suspension following the Russian debt default, as well as brokerage activities in Russia.
For the year ended 31 March 1999, activities in Eastern Europe and Russia now held under Regent Europe incurred losses of an aggregate of $53,900,000.
Jayne Sutcliffe, a director of Interman, said: "We believe that while the financial position of Regent Europe has now stabilised, and it is able to fund its own operations, its business will no longer be consistent with the Group's focus.
"A dividend will be issued and Regent Europe will then function as an independent financial services group.
"This should sharpen the focus of its business in terms of both geographical area and markets served."
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