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March 2, 1999

HONG KONG TELECOM BUYS TAIWANESE ISP

By CBR Staff Writer

Hong Kong Telecommunications Ltd said yesterday it has purchased a Taiwanese internet service provider for NT$157.25m ($5m). HK Telecom now owns 85% of FIC Network Services Inc, formerly a division of TiawanÆs First International Computer Inc, which retains a less than 15% stake in the ISP. The acquisition is HK TelecomÆs first internet investment outside Hong Kong, but chief executive, Linus Cheung is reported in the Asian press as saying it will not be the last. We are looking for a number of investments not confined to ISPs in Asia, Cheung said. The move is in line with parent company Cable & Wireless PlcÆs purchase of MCI CorpÆs US internet business in July last year for $1.7bn in cash. Cheung said the purchase of FIC Network Services is part of the groupÆs global strategy for global internet services development.

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