Sun to pour $50m. into Asia Pacific

SYDNEY: Computer networking leader Sun Microsystems Inc announced on Monday it will channel $50 million into the Asia-Pacific region through its newly-formed Sun Asia Pacific Venture Investment Programme. Building on its existing presence, Sun plans to begin discussions with local venture capital groups immediately in several countries, including Japan, Korea, Taiwan and Australia.

"Sun is targeting $50 million of investments through this programme, and with co-investments from local partners Sun expects the programme to provide $250 million in total investment capital for the region," Scott McNealy, Sun's chairman and chief executive said in a statement.

The company said the new investments would be an extension of the $400 million in venture investments, primarily in US-based companies, that Sun had previously announced. Investments will focus on the Internet, communications and e-commerce enabling technologies and products that expand markets for Sun products and boost Sun's technology development efforts.

(C) Reuters Limited 2000.