Lombard backs online entertainment company

Lombard Investments has invested $11.7m from its Southeast Asia and Greater China vehicle to fund Asiasoft’s expansion in Southeast Asia.

Lombard Investments, a private equity firm with offices in Bangkok, Hong Kong and San Francisco, has purchased a 10 percent stake in Thailand-listed Asiasoft, an online entertainment service provider.

The firm invested $11.7 million (€7.5 million) to acquire the minority stake through transactions involving new and existing common shares, it said in a statement.

Asiasoft is an online gaming service provider in Southeast Asia with a presence in Malaysia, Singapore, Thailand and Vietnam. The company’s affiliates engage in computer and online game development, game portal services and international investment. Asiasoft offers 12 games in the four countries and had 8.2 million registered users at the end of 2007.

The company will use the investment to pursue its expansion strategy in Southeast Asia. Lombard made the investment through the $234 million Lombard Asia III fund, an expansion capital fund for investments in Southeast Asia and Greater China.

The firm last month invested $14 million in Professional Services, a healthcare provider that owns The Medical City, a private tertiary care hospital in the Philippines.

Other transactions from Lombard Asia III include Krungthep Land, a mid-sized home-builder in Thailand; and SNC, a Thailand-based air-conditioner parts manufacturer.