PhilWeb forms reg'l e-commerce jt venture

PhilWeb.Com Inc. announced the signing of a memorandum of agreement to form TriWeb Asia Limited, a regional e-commerce joint venture in partnership with e2-Capital and AIA Capital, both based in Hong Kong. PhilWeb.Com will own 40 percent of the venture and the balance will be shared by e2-Capital and AIA Capital.

TriWeb Asia Limited, to be incorporated in the British Virgin Islands, will have the objective of replicating the business model of PhilWeb.Com Inc. in selected Asian countries including Malaysia, Singapore, Thailand, Indonesia Vietnam, and other Asian countries.

TriWeb wil identify a partner in each of these countries and will make available to each country partner the PhilWeb business model and the various Internet-related contracts which PhilWeb has consummated.

In addition, TriWeb will assign the agreement it has PhoenixNet, an affiliate of AsiaSat, for a broadband high-speed Internet access via satellite for each of these countries. TriWeb has identical contractual arrangement with PhoenixNet as the arrangement between PhilWeb and PhoenixNet for the Philippines.

Sotfbank and AIG, both strategic investors in PhilWeb, will also be invited to participate as investors in each of the country joint ventures of TriWeb.

e2-Capital is one of Hong Kong's leading investment banks specializing in information technology. Its investors include Pacific Century Cyberworks, Softbank, and ChinaDot.Com. AIA Capital Corp. is the flagship investment bank of AIG in the Asian region and has offices in nine Asian countries.

K.B. Fung and S.J. Wong of e2-Capital will serve as co-chairmen of TriWeb, with Jaime Gonzalez of AIA Capital as vice chairman. Roberto Ongpin and Alex Villamar of Phileb will serve as managing directors of TriWeb.