Home > Financial > China Rich says U.S. co wants Outblaze

China Rich says U.S. co wants Outblaze

Added: (Wed Dec 01 1999)

Pressbox (Press Release) - HONG KONG, Dec 1 (Reuters) - Civil engineering and China property developer China Rich Holdings Ltd said on Wednesday a U.S.-listed company has proposed paying US$200 million or HK$1.55 billion for Internet portal applications unit Outblaze Ltd.

It said in a published statement that Outblaze founder Siu Yat had been approached by an unnamed U.S. company offering to buy out Outblaze.

Outblaze is 36 percent owned by China Rich, 40 percent by Siu Yat and Pacific Century CyberWorks Ltd took a strategic stake in Outblaze earlier this year.

Hikari Tsushin Corp , a Japanese mobile phone subscription agency, offered to pay US$6.75 million for eight percent of Outblaze from China Rich and for five percent worth of new shares for US$6.75 million.

Outblaze provides portal applications for website operators such as web e-mail and chat facilities, and in September agreed to provide services to News Corp Ltd's (Australia:NCP.AX - news) Star TV website.

Submitted by:
Disclaimer: Pressbox disclaims any inaccuracies in the content contained in these releases. If you would like a release removed please send an email to remove@pressbox.co.uk together with the url of the release.