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July 26, 1999
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For Immediate Release
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NTT Communications to Purchase Stake in HKNet
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NTT Communications today reached an agreement with CCT Telecom Holdings Limited (CCT Telecom), to acquire a 49% stake in HKNet Company Limited (HK Net), a major Internet service provider (ISP) in Hong Kong.
The agreement calls for NTT Communications to assign two directors to HKNet to participate in the company's management. The two companies will form a strategic partnership to jointly provide various IP-related services, such as IP-VPN, in Hong Kong. NTT Communications has been focusing on Asia as a market for development of its global IP services. It made the decision to invest in HKNet after considering the quality of the company's services and its promising future in the growing Hong Kong IP market. NTT Communications will provide high-quality Internet services, such as IP-VPN, through its strategic tie-up with HKNet, and will make use of the tie-up to enrich services for corporate users currently being provided by the NTT Communications group under the "Arcstar" brand. About HKNet Company Limited Established: Headquarters: Chairman: Mak Shiu Tong Clement Managing Director: Barry Wong Parent Company Services:
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