By Phil Boeyen, ShareChat Business News Editor
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Tuesday 11th December 2001 |
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The credit and financial information company has brokered deals to raise its equity investments in a number of Singaporean and Malaysian credit services companies.
In Singapore, Baycorp says it will buy out its 50:50 joint venture partner in a company called Apac BizInfo to take full control.
Apac BizInfo will then selldown its 52% holding in Infocredit Holdings to 49%, and Infocredit will raise its stake in Infocredit D&B from 55% to 68%.
Infocredit D&B is a Singapore joint venture company with Dun & Bradstreet, which has the option to sell a further 13% of its 32% stake at a later date.
In Malaysia, Infocredit Holdings will buy Infocredit International, giving it an effective 55% interest in another JV with Dun & Bradstreet called Infocredit D&B - Malaysia.
Baycorp says the investment shuffle represents another important step in the Asian expansion of the proposed merged Baycorp Advantage group.
MD, Keith McLaughlin says it gives the group an increased shareholding in the group of companies that dominate the existing credit services industry in Singapore and Malaysia.
"This investment lays the platform for substantially greater involvement in the rapidly developing Asian region. It enhances the potential for the full range of the Baycorp Advantage "customer life cycle" solutions," he says.
"Both companies regard Asia as a key growth platform. As such each have made significant progress in establishing footholds in the region. When the merger proceeds, Baycorp Advantage intends to consolidate these activities and expand market reach in Asia Pacific through transUnionadvantage.
Infocredit's boss, Kevin Koo, says Baycorp has already developed a very strong reputation in the South East Asia for its credit reporting and receivables management technology.
Baycorp says the new initiatives will see a further $14.6 million invested in Asia with another $1.9 million to come if Dun & Bradstreet opts to sell more of their holding in Infocredit.
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