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Nation Multimedia Grp to Invest THB300M in Thai Portal — Dow Jones Newswires
January 24, 2000

BANGKOK (Dow Jones) - Thailand's Nation Multimedia Group PCL (H.NMG) said Monday it will invest 300 million baht ($1=THB37.236) over the next two years to develop a new Thai Web portal.

Thai Portal Co., a unit of Nation Multimedia's electronic business arm, Nation Digital Media Co., will launch the thailand.com Web site in June.

"This is the largest amount of investment in a Thai portal, "Sermsin Samalapa, president of Thai Portal, told a news conference.

The thailand.com Web site will provide full electronic-commerce services, including online hotel and flight bookings, and a virtual shopping center for Thai goods.

Nation Multimedia is currently in talks with several foreign Internet companies that may invest in thailand.com, said company chief executive, Thanachai Threerapatvong.

The company, which has interests in print and broadcast journalism, should conclude a deal in the next two months, he added, without specifying the names of potential partners.

The Web site, which plans a domestic launch in March ahead of the international launch in early June, should attract around 300,000 to 1 million visitors in the first year of operation, Sermsin said.

"This Web site is expected to generate around THB200 million in the first year," he said.

Thanachai said Nation Multimedia planned to list Thai Portal, or its parent Nation Digital Media, on Nasdaq in the next two years.

"We are studying Chinadotcom Corp. (CHINA), which is listed in the U.S. Nasdaq and we expect to follow its path," said Thanachai.

The company is also considering listing on Nasdaq Japan - a joint venture between the National Association of Securities Dealers of the U.S., Softbank Corp. (J.SFT or 9984) and the Osaka Securities Exchange, slated to begin trading in late June.

The Thailand.com Web site's forecast revenue of THB200 million a year will be enough to meet Nasdaq's listing requirements, Thanachai said.

Nation Multimedia also plans to get into the internet provider business, possibly through joint ventures with existing internet service providers he added.

He said the company is in talks with Shin Corp. PCL (H.SWC), which owns Internet provider C.S. Communications.

"We want to have our own ISP as it is very important for the growth of our Web sites," he said.

Since the merger of America Online and Time Warner two weeks ago, nation Multimedia's stock price has soared on the expectation that content providers will form the backbone of Internet development.

At 0857 GMT (3.57 a.m. E.ST), Nation Multimedia was flat at THB25 on very active volume But the stock is up 16% from Jan. 10, before the announcement of the Time Warner-AOL deal.

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