NTT Communications ups stake in HKNet

Japanese telecom giant takes majority ownership of Hong KongÆs second largest ISP.
October 04, 2000
NTT Communications, the long-distance unit of Nippon Telegraph and Telephone, has paid HK$125 million $16 million to purchase 26% of HKNet from CCT Telecom Holdings, adding to its original 49% stake in the internet service provider ISP.

In addition to the existing shares, HKNet has also issued HK$142 million in new shares, of which CCT acquired HK$12 million and NTT Communications HK$130 million, bringing the Japanese companys total stake to 79%.

We are very pleased to complete the deal, says Masanobu Suzuki, president and CEO of NTT Communications. We believe HKNet can make another step in the fastest growing and expanding internet...

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