STAR Group Limited (“STAR”), and Asiatravel.com Holdings Ltd (”Asiatravel.com”), an established online travel services provider based in Singapore, today announced the completion of an investment and equity exchange agreement.
Under the terms of the agreement, STAR-Travel.com Limited (”STAR-Travel.com”), a subsidiary of STAR has issued 12 percent of its equity interest to Asiatravel.com in exchange for the issue of 12 percent of Asiatravel.com`s equity interest to STAR.
The alliance will bring together the strength of the companies in the development of multi-media travel content. STAR-Travel.com operates an interactive multi-media online travel guide, www.StarAsiaTravel.com, to which Asiatravel.com provides technical infrastructure support.
Commenting on the agreement, STAR Chairman and Chief Executive Officer Mr James Murdoch said, “We identified Asiatravel.com as a well-established online travel services provider in the Asia Pacific region, and the best partner for us as we now directly partake in the investment and development of multi-media travel content in the Asia Pacific region.”
Mr Boh Tuang Poh, Chief Executive Officer of Asiatravel.com, said, “We are indeed honoured to be a strategic partner to STAR. This alliance will open new channels of growth for us to reach out to more consumers, leveraging on the online networks which STAR has established.”