Mellon shifts Regent from Europe into Asia

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The Independent Online

Jim Mellon, the Hong Kong-based corporate raider, yesterday announced plans to ditch his Eastern Europe emerging markets business to focus on developing his growing portfolio of investments in Asian internet businesses.

Announcing a revamp of Regent Pacific Group, his emerging markets investment vehicle, Mr Mellon said: "We want to focus on finding hi-tech companies with global opportunities, but which are resource poor."

Regent is to undergo a reverse takeover by Interman, an Asian technology investment firm, and pull out of its Eastern European business.

The new company will focus on Asian hi-tech fund management, managing its Asian Net investment portfolio and Korea Online Limited, the Net financial services portal. Regent announced the completion of a $117m (£73m) private share placement of Korea Online.