Wednesday, April 30, 2008

Japan's Softbank aims to raise stake to 40 percent in Chinese Internet company

: Nipponese Internet services and telecommunications company Softbank said Wednesday it trusts to hike its interest to 40 percentage in a major Chinese Internet company for a sum investing of 40 billion hankering (US$385 million, €247 million), eyeing flourishing demand in the country.

Softbank already bought a 14 percentage interest in Oak Pacific Ocean Interactive for 10 billion hankering (US$96 million, €62 million) earlier in the calendar month and have obtained the right to raise its interest to 40 percent, a company spokesman said.

It have not made any formal offering to increase its stake.

"It is portion of our concern enlargement in China," said the spokesman, who declined to be named, citing company policy. China's Oak Pacific Ocean Interactive have 22 million users.

China's population of Internet users rose to 221 million in February, possibly tying the United States as the world's largest, the functionary Xinhua News Agency said last week, citing authorities data. Today in Business with Reuters

Softbank, founded by Internet baron Masayoshi Son, have expanded through a series of acquisitions, and is seen as rivaling Japan's old-styled telecoms that were once authorities monopolies.

Softbank's entry into Nipponese broadband services and telecommunications have helped convey down terms here.

No comments: