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.Reuse content