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To: djane who wrote (6726)	8/21/1999 12:13:00 PM
From: djane	Read Replies (1) \| Respond to of 29987

DDI, Kyocera May Buy Out Iridium's Australian Arm, Nikkei Says Bloomberg News August 21, 1999, 12:06 a.m. PT Tokyo, Aug. 21 (Bloomberg) -- DDI Corp., Japan's third- largest telecommunication carrier, and its largest shareholder Kyocera Corp., which makes semiconductor and electrical components, may buy the shares they don't already own in Iridium South Pacific, the Australian arm of Iridium LLC, the global satellite telephone company that defaulted Aug. 13 on $1.55 billion in bank loans, the Nihon Keizai newspaper said, without citing sources. The two companies currently own a combined 50 percent of the outstanding shares of Iridium South Pacific, and may increase their stakes in early October, when Iridium South Pacific plans to issue new shares. Iridium South Pacific's cell phone and pager services in Australia, New Zealand, Fiji and other South Pacific regions are growing slower than planned, the report said. DDI on Aug. 14 said that it is willing to provide ``several billion yen' to Iridium LLC, which defaulted its bank loans after failed to lure enough users to its 66-satelline international phone network, if asked to as part of the satellite phone company's rehabilitation plan. (Nihon Keizai, 8/21, p. 9)(www.nikkei.co.jp) Copyright 1995-99 CNET, Inc. All rights reserved.