SINGAPORE -- Pacific Internet, a Singaporean Internet service
provider, formed an agreement to acquire a majority stake in the
travel-related businesses of Safe & Mansfield Travel Group, an
IATA-accredited travel agency that focuses on the corporate travel
market.
SMTG, based in Singapore, recorded profits of $4.1 million last
year on revenues of $69 million.
The $5.9 million acquisition will be made by a Pacific Internet
subsidiary, Pacfusion.com Inc., which will own 85% of a joint
venture company, Safe2Travel.com, which will hold SMTG's
businesses.
Pacific Internet intends to use Pacfusion to form a regional
business-to-business travel portal that will support an on-line
reservation system for air, hotel, car rentals and other
products.
The joint venture also plans to develop more consumer-oriented
products, such as wholesale hotels, cruise services and other
projects.