The joint venture with ProcureNet will initially create hubs in Singapore and Hongkong connecting buyers and sellers to global procurement network.
SINGAPORE (Asia Pulse) - Horizon.Com Limited has signed a 50/50 joint venture agreement with ProcureNet Inc., a US corporation with more than 30 years in the procurement business, to bring B2B and B2G e-Procurement to the Asia Pacific region.
The two companies will jointly incorporate ProcureNet Horizon Asia Pacific Limited (PHAP) which will have its own board of directors, CEO, CFO and staff, Horizon said in a statement. PHAP will provide an e-Procurement platform for buyers and sellers within the region to access and procure products and services on a global scale to form one of the largest globally interconnected networks for e-Procurement solutions in the world. It will initially operate two hubs, one each in Singapore and Hong Kong, serving South Asia/ASEAN and the Greater China region.
In conjunction, buyers and sellers in these regions will be able to access global markets for their procurement needs via the extensive US and European networks established by ProcureNet. Horizon's executive chairman Lt-Gen (Ret) Ng Jui Ping said: "We are a dot.com company with real businesses and real profits.
PHAP is another step in Horizon's growth as an Asia Pacific company, and in the development of strong ties with reputable global companies."