Pacific Internet Limited (PacNet), an Internet communications service provider, today confirmed that Vantage Corporation Limited, has entered into a sale and purchase agreement with Kingsville Capital Limited to purchase its entire equity interest in PacNet, amounting to 28.6% of the company's outstanding shares.

The proposed agreement would result in an aggregate price of $30.5 million for the 3.83 million PacNet shares. PacNet does not anticipate any change to its business strategy, operations and established management team as a result of this transaction.

PacNet Chairman, Bien Kiat Tan commented, "We welcome the possibility of working with the new shareholders. Vantage had stated that the PacNet acquisition is a worthwhile opportunity to invest in a profitable business venture. The premium price for the consideration reflects Vantage's confidence in PacNet's business model and market growth opportunities. The Company has initiated its wireless infrastructure rollout in Singapore and continues to enhance its offerings in the areas of voice, security, mobility and collaboration across the region."