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Pacific Internet Limited, a Pacnet company, today announced the
signing of a Letter of Offer from IRG to buy Pacnet's entire stake
in its Philippine joint venture, Primeworld Digital Systems, Inc. (PDSI).
Under the terms of the Offer, IRG has offered to
buy Pacnet's entire ownership of PDSI. IRG is a financial
advisory and investment firm focused on the telecommunications,
media and technology sectors in Asia.
With the exit of Pacnet, IRG would become a
major shareholder of PDSI. Pacnet has been a primary
shareholder and financial backer of the business in the Philippines
since 1998.
The company anticipates that this deal will
close in the coming month.
-- AFP
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