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December 14, 2001
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| FOR IMMEDIATE RELEASE |
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HKNet Becomes Wholly Owned Subsidiary of NTT Communications |
| NTT Communications Corporation (NTT Com) announced today that HKNet Company Limited (HKNet), a major Hong Kong-based Internet service provider, became a wholly owned subsidiary of NTT Com effective today. NTT (Hong Kong), a wholly owned subsidiary of NTT Com, purchased the remaining shares in HKNet from CCT Telecom Holdings Limited. NTT (Hong Kong) originally acquired 49% of HKNet in July 1999, increased its ownership to 79% in October 2000 and again added to its stake in November 2001. NTT Com has dispatched key executives to HKNet and played a significant role in the firm's management. NTT Com intends to provide high-quality IP services jointly with HKNet on a global basis and deploy its IP business strategy more effectively in Hong Kong and mainland China. |
| About HKNet | |
| Established: | 1994 |
| Headquarters: | Hong Kong |
| President: | Kenji Sakata |
| Services: | Internet access, data center and web hosting, system integration and international simple resale |
