MBO Partners Acquires 31% Shareholding in SPI Technologies Inc.
PSE Circular for Brokers No. 870-98 • Philippine Stock Exchange • Circulars for Brokers • Apr 29, 1998
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April 29, 1998 PSE CIRCULAR FOR BROKERS NO. 870-98 No. 04299825 NEWS RELEASE FOR: SPI TECHNOLOGIES INC. MBO PARTNERS ACQUIRES 31% SHAREHOLDING IN SPI TECHNOLOGIES INC . Manila, 29 April 1998. Listed data conversion company SPI Technologies Inc. ("SPI") announced today the recent acquisition of a 31% shareholding in the Company by MBO Partners, a HongKong based investment company. MBO Partners' three principals, Alfredo I. Ayala, Stevens Sharkey and Alexander Thomson, were elected to SPI's seven person board on April 24. SPI founder and Chairman, Alan Fraser said, "We are delighted to welcome MBO Partners as our largest shareholder. We believe that a long term institutional investor with an international network, such as MBO Partners, will be a valuable asset to our Company." cdlex SPI's President and Director, Ernest Cu, has made a personal investment in the Company alongside MBO Partners. Mr. Cu said, "I am very much looking forward to MBO Partners' involvement on the Board." MBO Partners, through its investment vehicle SPI Holdings Limited, acquired its shareholding from a group comprising Mr. Fraser, (who will continue as Chairman of the Company), and other shareholders. MBO Partners manages The Asian MBO Fund, a private equity fund which specializes in management buyouts and strategic stakes in both private and public Asian companies. MBO Partners' investors include the founders and chief executives of major corporations in Asia, the United States and Europe, and investment firms with widely recognized success in management-led acquisitions. They include the J. Rothschild Group and Quantum Partners. Alfredo Ayala, Managing Director of MBO Partners, said, "We are very pleased to be investing in one of the leading Information Technology companies in the Philippines. We believe that the Company's prospects are bright because of the growing demand for information related support services worldwide, SPI's highly skilled knowledge workers, its marketing partnerships with overseas industry leaders and the many attractions of the Philippines as an operating base. We view our investment as the start of a long term relationship with SPI." Authenticated by: (SGD.) ALAN R. FRASER Chairman & CEO
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