Divestment reiterates Pacnet's focus on its core telecommunications services business
SINGAPORE, Nov. 6 /PRNewswire-Asia/ -- Pacnet today announced that it has completed the sale of Safe2Travel Pte. Ltd. (S2T), a Singapore-based travel and event management company, to China Strategic Holdings Limited, owner and operator of Singapore-based SingExpress Travel Pte. Ltd., a company with affiliated travel offices in China, Hong Kong, Macau, Australia, United Kingdom and Canada.
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"The sale of Safe2Travel is part of our strategy to divest non-core assets, enabling us to enhance our focus towards our core telecommunications services business and deliver leading-edge connectivity solutions across the region," said Bill Barney, CEO of Pacnet. "Meanwhile, Pacnet will continue to consider investments in the region that are synergistic with our core business."
S2T, a wholly-owned subsidiary of the former Pacific Internet, was acquired by Pacnet as part of its acquisition of Pacific Internet in 2007. As part of the sales agreement, Pacnet has transferred all of its shares in S2T to China Strategic Holdings Limited for an undisclosed cash consideration.
S2T is one of the largest corporate travel agencies in Singapore with a heritage that extends back to 1919. The company focuses on business travel management for corporate customers. S2T provides a range of services including air ticketing, hotel reservation, car rental booking, corporate incentive travel, trade mission travel and other customized travel arrangements.
About Pacnet
Named "Company of the Year for Excellence in Growth" by Frost & Sullivan in 2009 and "Best Wholesale Carrier" at the Telecom Asia Awards 2009, Pacnet is Asia's leading independent telecommunications service provider, formed from the operational merger of Asia Netcom and Pacific Internet. Pacnet owns and operates EAC-C2C, the region's largest privately-owned submarine cable network at 36,800 km, with a design capacity of 10.24 Tbps. The company offers a comprehensive portfolio of industry leading IP-based solutions for carriers, large enterprises and SMEs. Pacnet is headquartered in Hong Kong and Singapore, with offices in all key markets in Asia and North America. For more information, please visit: http://www.pacnet.com .
For more information, please contact:
Lorain Wong
Pacnet
Tel: +852-2121-2973
Email: lorain.wong@pacnet.com
Roland Lim
Pacnet
Tel: +852-2121-2975
Email: roland.lim@pacnet.com
