Asia Inc gets new lifeline

<p>Asia Inc has been thrown another lifeline and the struggling </p><p>regional business magazine is now hopeful that it is finally on the road </p><p>to financial stability. </p><p><BR><BR> </p><p>The lifeline comes in the form of Mr Timothy Ong, a member of one of </p><p>Brunei's oldest business families and the chairman of the APEC Business </p><p>Advisory Council. </p><p><BR><BR> </p><p>Mr Ong - whose business interests include the National Insurance Company </p><p>of Brunei - has bought a majority stake in the company and almost </p><p>immediately announced wide-ranging plans to try to reverse Asia Inc's </p><p>flagging fortunes. </p><p><BR><BR> </p><p>"Mr Ong represents financial stability and that should send a clear </p><p>signal to advertisers and readers that we are here for the long-haul," </p><p>Asia Inc managing editor Peter Comparelli told MEDIA. </p><p><BR><BR> </p><p>The magazine, which has never made money since launching in 1992, is </p><p>suspending publication for three months until April to give it time for </p><p>a restructuring. </p><p><BR><BR> </p><p>However, Mr Ong denied that this would be damaging for the magazine. </p><p><BR><BR> </p><p>"Advertisers know that while Asia Inc has always been a </p><p>highly-successful editorial product, it has gone through some tough </p><p>times financially. </p><p><BR><BR> </p><p>"I will be bringing long-term financial stability and we are taking this </p><p>respite to rebuild and to ensure that our strategy is absolutely </p><p>right." </p><p><BR><BR> </p><p>Asia Inc has been on a roller-coaster ride since it was launched about </p><p>eight years ago by Thai entrepreneur Sondhi Limthongkul. In 1997, senior </p><p>staff organised a leveraged buyout following the collapse of Mr Sondhi's </p><p>media empire as Asia-Pacific plunged into recession. </p><p><BR><BR> </p><p>A year later, a majority stake was sold to Datuk Keramat Holdings Bhd </p><p>and its affiliate George Town Holdings Bhd, however, the stake was once </p><p>again put up for sale following a dispute between the two major </p><p>partners. </p><p><BR><BR> </p><p>Under the restructuring, the editorial and production departments will </p><p>relocate to Bangkok, while the advertising sales and circulation teams </p><p>remain in Hong Kong. </p><p><BR><BR> </p><p>Mr Comparelli said moving editorial and production to Thailand was aimed </p><p>at bringing costs down. </p><p><BR><BR> </p><p>"We have brought down costs significantly over the past few years, </p><p>however, expenses are still too high vis-a-vis revenue." </p><p><BR><BR> </p><p>The restructuring will also see the development of a revamped </p><p>website. </p><p><BR><BR> </p><p>Said Mr Comparelli: "We were the first Asian business magazine to launch </p><p>a website but after Mr Sondhi's empire crashed, we didn't have the </p><p>resources to continue upgrading it." </p><p><BR><BR> </p>