By SubTel Forum

Channel News Asia is reporting that Ban Joo & Company, a singapore-based textile firm, is entering the submarine cable business by purchasing two units of Telemedia Pacific Group, an investment holding company based in the British Virgin Islands.  These units will own and operate a submarine system that NEC is to construct and lay between Hong Kong and Indonesia.  Ban Joo & Company will fund this purchase by issuing 3.6 billion new shares at 10 and a half cents per share.

According to Ban Joo, this acquisition allows the firm the opportunity to tap the expanding bandwidth demand for broadband transmission between Hong Kong and Indonesia.  After the acquisition is completed, the firm plans on selling the textile aspect of their business and leaving the sector.

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