Two Way gets new Asian investor

Interactive media and gambling company Two Way Limited (ASX:TTV) has announced a new Malaysian investor it hopes could help it break into the Asian market.

Two Way announced that entrepreneur Gerald Tan has agreed to invest up to $2 million of expansion capital in the company.

The company said it intends to use Tan's connections in interactive television and new media throughout Asia to pursue a proposed expansion into the market.

More immediately, the funds will be put to a marketing campaign for TV wagering service TAB Active during the Spring Racing Carnival.

The initial investment will be $1.2 million, in exchange for 60 million shares at two cents each. Of this, $250,000 will be provided immediately but the remaining $950,000 will require shareholder approval.

Tan will take up a director position as a result of the investment.

Two Way currently provides its TV wagering technology and interactive applications to Australian clients including Optus TV, Foxtel and Austar (ASX:AUN).

TTV shares grew 35.71% on Tuesday to $0.019.