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Jasmine's Internet investment a winner. Huge capital gains from just one project.
Charoen Kittikanya
Despite the fading enthusiasm for dot.com businesses, Jasmine Cyberworks Co., the Internet investment arm of Jasmine International Plc. has claimed it has more than doubled capital gains from its Internet investment and plans to raise capital to 100 million baht this year from the present 50 million baht to fund its Internet ventures.
Impressive gains were said to have come from just a single investment project - AsiaJack.com, Inc. - an Asian financial database site in which Jasmine Cyberworks invested a 38% stake and incubated last year.
Jasmine Cyberworks, a wholly owned subsidiary of Jasmine International Plc. bought 62,541 shares of AsiaJack.com, a site based in New York but founded by a group of Thai investors, at US$9.60 apiece totaling $600,000 or 25 million baht.
AsiaJack.com provides financial information, including analyses of nearly 10,000 listed companies in Thailand, Singapore, Indonesia, China, Japan, the Philippines, Korea, Malaysia, Hong Kong and India.
The value of Jasmine's investment increased to over 400 million baht within a year when AsiaJack officially merged with GlobalFilings Inc., the US online financial services provider, through a share swap transaction.
Under terms of the transaction, GlobalFilings with TRW Inc, a NYSE listed company with $20 billion in sales in 2000 as its majority shareholder, will hold a 100% stake in AsiaJack.com, Inc. with JCW holding 7.35% in GlobalFilings. Charles Russell will be the CEO of the new firm and Dawisee Sukarom, one of AsiaJack.com founders, will be CEO of GlobalFilings Asia.
The company expects to roll out its first combined service offering, GlobalFilings, to selected customers in April. Its target customers include major financial institutions for the professional level service and retail investors indirectly through the online broker level service.
The business revenue model relies mainly on customers' subscription fees.
"The merger not only increases the capital gains for Jasmine Cyberworks' investment but also empowers the company with a global reach," said Pete Bodharamik, president of Jasmine Cyberworks.
Set up in April last year, Jasmine Cyberworks last year entered a series of online ventures including jakfree.com, a game show website, and SirSiam.com, an online travel company.
As well, within a year, the company raised registered capital to 50 million baht.
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