PieNetworks looking at Asian expansion

06/08/2012 - 14:51

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Internet kiosk group PieNetworks has flagged a possible expansion into telecommunications, with the firm considering the acquisition of a South-East Asian telecommunications company.

PieNetworks launched a capital raising plan today, to secure up to $2.56 million through a non-renounceable entitlements offer priced at 0.2 cents per share.

The funds will primarily be used for ongoing maintenance of the group’s internet kiosk and webphone networks, as well continuing research and development of product offerings.

In its update, however, PieNetworks also flagged the development of an alternative offering through acquisition.

“The opportunities being considered involve an expansion of PIE’s business in the communications field and potential acquisitions,” the company said in a statement.

“One such opportunity under current consideration is a telecommunications company in South-East Asia.

“However, the acquisition is still subject to due diligence and no agreement has been reached in relations to key commercial considerations and there are no proposals which are sufficiently developed to be announced to market.”

PieNetworks said it would advise the market if and when it reaches an agreement.

At close of trade today, PieNetworks stocks were down by 33 per cent, trading at 0.2 cents. 

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