SUPERLOOP LAUNCHES HONG KONG GATEWAY WITH $40M INJECTION

Written on the 4 December 2015

SUPERLOOP LAUNCHES HONG KONG GATEWAY WITH $40M INJECTION

SUPERLOOP (ASX:SLC) will roll out a major telecommunications gateway in Asia, after raising more than $40 million in an institutional placement.

Serial entrepreneur Bevan Slattery and his company completed the placement at $1.90 per share and raised $41.9 million, with plans to launch a share purchase plan to raise an additional $7 to $10 million.

The capital will be invested in a 110km fibre optic network and operations in Hong Kong connecting to Asia and mainland China.

It follows the approval of Superloop's telecommunications license in August, with the project expected to cost $45 million and take 14 months to complete.

Six data centres across Hong Kong will be deployed to service cornerstone customers while the main network is under construction.

Any proceeds received above the establishment cost will be invested in Project Red Lion, an initiative to expand the company's network to strategic commercial buildings in Singapore.

"Hong Kong is one of China's richest and most developed regions and serves as a gateway between China and the world," Superloop says in a statement.

"Superloop's entry into the Hong Kong market, when combined with its operating networks in Australia and Singapore, uniquely positions the company as a true Pan Asian fibre network owner and operator."

The company has also unveiled plans for TKO Express, a submarine cable crossing between Hong Kong Island and TKO Science and Technology Park an estate occupied by media, finance and data centre facilities.

The project is subject to approval and is expected to take 15 months to complete.

 


Latest News

FLYING START TO 2017 PASSENGER NUMBERS FOR GOLD COAST AIRPORT

RECORD numbers of travellers used the Gold Coast Airport (GCA) in January this year, continuing a five-year trend ...

SUNCORP SAYS IT'S 'COVERED' AGAINST FINANCIAL COST OF CYCLONE DEBBIE

INSURER Suncorp (ASX: SUN) says it is "well protected" against the financial impact of Cyclone Debbie th...

ADELAIDE DIGITAL MARKETING GURUS CHANGING THE FACE OF ONLINE RETAILING

Frank Grasso, CEO of Adelaide based Dynamic Creative, believes his company's new software will revolutionise Adwo...

WHY A JUNIOR MINER DECIDED TO JOIN THE RANKS OF THE HOT POT STOCKS

USUALLY, when a relatively unknown explorer experiences a sharp spike in its share price, it means they've fou...

Related News

RAY OF HOPE FOR SLATER AND GORDON AS LENDERS STEP IN

EMBATTLED law firm Slater and Gordon (ASX: SGH) has announced to the ASX that it has launched confidential discussion...

SPROUTX PROVIDES THE SEED FOR AGTECH STARTUPS

AGTECH innovation fund SproutX has opened applications for its first accelerator round, backed by $10 million from...

GAS PRICES MAY FORCE BRICKWORKS TO TAKE MANUFACTURING OVERSEAS

BRICKWORKS Limited (ASX:BKW) chairman Robert Millner says soaring energy prices may force the company to turn to offs...

CHINA CONTINUES TO COLLECT AUSSIE PROPERTY ASSETS

CHINESE coin continues to dominate Australia's offshore real estate investment market, accounting for almost h...

EVENTS COMING UP

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter