Asia Inc., the Brunei-owned leading regional business monthly
has teamed up with 'The Edge Singapore', the fastest growing
business and investment weekly in the island republic to form a
new business media group.
The principal shareholder of
Praxis Communications Ltd (publisher of Asia Inc monthly), Mr
Timothy Ong, and Mr Tong Kooi Ong, the principal shareholder of
The Edge Publishing Pte Ltd (publisher of The Edge Singapore),
have signed an agreement to form a regional media company to
acquire The Edge Singapore and Asia Inc titles.
The move brings together two
well-known Asian business personalities and longtime friends. Mr
Tong who is the founder of the Edge weekly in Singapore and
Malaysia is best known as the whiz-kid founder of Phileo Allied
Bank, now part of Maybank. Mr Ong who took over Asia Inc in
2000, is a leading Brunei businessman who is also Deputy
Chairman of the Brunei Economic Development Board.
The move will harness the
resources and strengths of both titles and related products to
further grow the prospective market for Asia-based business and
investment news and information coverage.
"While the world economic
scenario is still cautious, there is no doubt Asia will be the
pivotal region and major contributor to recovery in the coming
years. There is, of course, China's relentless growth and
emergence as major economic power and continued recovery of East
Asian economies like South Korea," said Mr Ong, looking at
prospects for regional business media.
"We aim to be the premium
in-depth business news provider on Asia not only for
multinationals and foreign investors but also for Asian
policymakers, investors, businessmen and women. We believe
people want to know the new Who's Who, movers and shakers,
dealmakers, trends, and issues in the region."
"We believe in the region,
and given the pull-back by many other regional publications and
media as a result of the world recession, there is a need for
quality and niche business and investment news and
information," he added.
In a related move, the parties
will form a separate company called Asia Inc Forum to undertake
Asia Inc's conferencing and executive education business. Asia
Inc Forum intends to be the leading Asian organiser of
high-level business and public policy dialogue. Its plans for
2003 include a major economic conference in Brunei Darussalam in
May and a regional conference on Asean competitiveness in Kuala
Lumpur in June.
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