[00-4-20] Telstra To Join $1bil Submarine Cable Venture In Asia
By David Frith, Computer Daily News.
SYDNEY, AUSTRALIA,
20 Apr 2000, 1:04 PM CST
Telstra To Join $1bil Submarine Cable Venture In Asia 04/20/00 SYDNEY, AUSTRALIA, 2000 APR 20 (NB) -- By David Frith, Computer Daily News. Australian carrier Telstra [NYSE:TLS][ASX:TLS] is to join 24 regional carriers in financing a $1 billion regional Internet-ready submarine cable system to connect Japan, South Korea, China, Taiwan, Hong Kong, Malaysia, Singapore, and the Philippines.
The new project, called the Asia Pacific Cable Network 2, is due for completion in Sep. 2001. It will connect with the Telstra-led Australia-Japan cable, as well as the SEA-ME-WE cable to Europe, and China-US and Japan-US cables.
Telstra is tipping in about A$25 million, or 2.5 percent of the cost. Cable & Wireless HKT is also investing in the cable. With HKT in the process of acquisition by Telstra partner Pacific Century CyberWorks, it seems likely both shares will wind up going into the assets of the new Internet backbone joint venture planned by Telstra and CyberWorks
Reported by Newsbytes.com, newsbytes.com .
13:04 CST
(20000420/WIRES ASIA, TELECOM, BUSINESS/)
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