Japan Telco Set to Acquire Stake in HKNet

CCT Telecom Holdings Limited has announced that a “renowned Japanese telecommunications corporation” is negotiating to acquire a 49 percent stake in its subsidiary HKNet, the number three ISP in Hong Kong.

Officials at HKNet, however, were tight lipped about the name of the Japanese telco.

Charles Mok, the general manager of HKNet, said, “All I can say about it, they are expecting a completion by the end of this month or the beginning of August.”

In regard to other news, Mok told internetnews.com that the ISP was planning on bundling a new Chinese Web-based translation software with its services.

The new software will be launched today in China by the Chinese Academy of Science’s Huajin and the Pacific Century Group.

CCT recently divested it’s share in online broker CASH. Singapore ISP Pacific Internet is rumored to be courting for a possible acquisition of CASH.

On Friday, HKNet announced that it would begin offering a free Hewlett Packard notebook computer with its Internet service.