Oversea-Chinese Banking Corp. OCBC has acquired a 10% stake in online securities broker Boom.com for $8.6 million, helping Boom postpone the day it attempts to raise funds from the public until investor appetite for internet stocks improves.
The capital injection brings the total amount Boom has raised since its inception four years ago to $22 million. Other investors include the Australia and New Zealand Banking Group, which has a 10% stake, a group of private investors including Bill Hambrecht of US online broker WR Hambrecht, JF Shea Ventures, Hong Kong's Eu family, and Boom's management and staff.
Boom plans to use the money to expand into Japan, Taiwan and Korea and to develop...
