Pacific Century CyberWorks Gets Info Transmission License
Dow Jones Newswires
NEW YORK -- Pacific Century CyberWroks Ltd. (PCW) received a license from the secretary of State for Trade and Industry to Cable & Wireless HKT Pacific (U.K.) Ltd. for SMW3 Asia-Europe cable information transmission.
In a press release Friday, Pacific Century said the company and its proposed IP backbone partner, Telstra Corp. (TLS), have invested $120 million in the venture.
Under the license, Pacific Century will manage end-to-end capability to the U.K. and receive 45 megabits per second of capacity with the ability to upgrade.
SMW3 cable is a 40,000 kilometer two-fiber pair optical fibe system, which connects 39 landing points from Asia to Western Europe. It has a total capacity of 40 gigabits per second.
New York Stock Exchange-listed shares of Telstra recently traded at $17.75, down 13 cents, or 0.7%, on composite volume of 300 shares. Average daily volume was 5,387 shares.
New York Stock Exchange-listed shares of Pacific Century recently traded at $16.88, down $1.19, or 6.6%, on composite volume of 151,600 shares. Average daily volume was 158,650 shares.
Telstra is an Australian data and telecommunications company.
Pacific Century, the Hong Kong-listed technology flagship of the Pacific Century Group, develops broadband Internet capabilities.
-Karen M. Chow; Dow Jones Newswires; 201-938-5400
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