lityan

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Lityan

The Star 6/3/00 - Lityan Holdings Bhd is upbeat on its partnership with the Australia listed Chariot Internet Ltd, to jointly develop and establish an Internet service provider (ISP) bisness in the Asia Pacific. They are currently targeting Philippines. Lityan is a provider an operator of payphone networks in the Philippines. The Philippines has 200 ISP licences but there are only 14 active ISPs. It has a population of 75 million. Lityan said in the next 4 months the company was confident of capturing 5,000 customers in the Philippines with the number increasing to 40,000 by year end. Lityan has been in Philippines for 3 years and has a workforce of 100 people. Lityan had acquired 13% equity interest in Chariot Internet recently and was likely to take up a larger stake in the new joint venture, at possibly a 60:40 ratio. Uner a MoU signed last Thursday, Lityan intends to shubscribe for 4.85 mil new shares in Chariot Internet at A$1.65 (RM3.81) per share or for a total consideration of RM18.47mil, representing a 14% equity interest in the company. Lityan would pay for this stake in Chariot Internet via the issue of 2.685 mil new shares at RM7 a piece.

Chariot said the new company, besides concentrating on being an ISP and a content provider, it also plans to venture into the voice over Internet Protocol (VoIP) business. VoIP is a technology that uses the Internet for the delivery of services normally associated with the telephone network, including long-distance or internation real-time calls with a fraction of the cost of normal telephone. In Malaysia there are currently a few providers of VoIP and they see this technology growing rapidly here. Chariot was also keen in providing content, especially educational content and has in the pipeline to introduce this product this year.

The Star 3/3/00 - Lityan Holdings Bhd is tying up with Australia-based Chariot Internet Litd in a move to strengthen its information technology (IT) capability and become a player in the Internet sector. They signed a MoU to pave the way for the setting up of a joint-venture operation which will function as a regional holding company to penetrate the Asia-Pacific markets primarily as a Internet service provider (ISP).