MANILA - Friendster, considered the top social network in the Philippines and parts of Asia, is looking for a new owner, according to documents obtained by tech blog TechCrunch.

A report by Robin Wauters said Friendster has hired investment bank Morgan Stanley to find a party interested in acquiring the company. The documents revealed that the company is looking for a buyer who wants to gain quick access to the Asian social networking scene, especially since 75 percent of Friendster's registered accounts are in Asia.

The TechCrunch report estimated Friendster's value at $210 million, based on Facebook's recent valuation of $10 billion.

It noted, however, that comScore numbers for Friendster in May 2009 dropped 45 percent compared to the same period last year.

Click here to read the full report.