Menu
King Kong finds security in Australia, yet again

King Kong finds security in Australia, yet again

Local Web security company SecureNet enjoyed a positive market reaction to the announcement that Internet giant Pacific Century CyberWorks (PCCW) has bought a slice of the company.

In a statement issued to the Australian Stock Exchange, SecureNet announced that PCCW would acquire a 5 per cent stake in the company, valued at around $32 million, with options to increase that holding to 15 per cent.

Following the announcement, shares in SecureNet soared as high as $11.20, levelling at around $10.70, up 7 per cent, at the close of trading.

The managing director of SecureNet, Geoffrey Ross, said that the Melbourne-based company would use the PCCW capital injection to develop its 12-month-old joint venture with Cable & Wireless Hong Kong Telecom (CWHKT).

The CWHKT SecureNet venture is centred around the sale of SecureNet smart cards and other Internet security products throughout the Asia-Pacific region.

CWHKT and PCCW are currently in the process of merging.


Follow Us

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.
Show Comments