Pacific Internet Limited, an Internet communications service provider, recently announced that Vantage Corporation Limited ('Vantage') has completed its acquisition of Kingsville Capital Limited's ('Kingsville') entire equity interest in Pacific Internet.
On September 29, Vantage had announced that it entered into a sale and purchase agreement with Kingsville to purchase 3.83 million ordinary shares or approximately 28.6% of Pacific Internet's total outstanding shares at an aggregate price of US$30.5 million.
As a result of the transaction, Kingsville's representatives on the Pacific Internet Board of Directors, namely Mr. Tan Bien Kiat who is also the present Chairman, and Mr. Chew Hai Chwee, will both relinquish their directorships. Concurrently, the Board has appointed Mr. James Tan, CEO of Vantage, and Ms. Zhang Yun, Chief Investment Officer of Vantage, as Directors.
"On behalf of the board and management, I would like to thank Bie
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Pacific Internet Announces Appointment of New Directors
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