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. Â These units will own and operate a submarine system that NEC is to construct and lay between Hong Kong and Indonesia. Â 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. Â After the acquisition is completed, the firm plans on selling the textile aspect of their business and leaving the sector.
Read the complete article here.