NTT Communications ups stake in HKNet

Japanese telecom giant takes majority ownership of Hong KongÆs second largest ISP.

Elton Cane

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 company’s total stake to 79%.

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