Related Articles
Top Stories
Feb 10 2012 18:19
The rand tumbled against the dollar in late afternoon trade as the local currency tracked a jittery euro.
Feb 10 2012 17:28
President Jacob Zuma will make an announcement "of national importance" on Saturday, says a central bank statement.
Feb 10 2012 14:37
A weak euro has dragged down the rand, causing it to extend losses against the dollar as the eurozone debt crisis affected investor sentiment.
Johannesburg - Mauritius-registered private equity venture SEACOM said on Thursday a fibre optic undersea cable linking
east Africa to Europe and Asia would be launched in June 2009, in time for the 2010 soccer World Cup.
The company said in a statement it would start laying the $650m cable, which is needed to provide high-speed internet access and spur investment, in October this year.
The 15 000 km cable will wind around the east of the continent between South Africa and Egypt, then on to Mumbai in India and Marseille in France. The group will start connecting sections of the cable in April 2009.
"The team is also trying to expedite the construction in an attempt to assist with the broadcasting requirements of the FIFA Confederations Cup scheduled for June 2009," SEACOM said.
The cable will provide 1.28 terabits per second of broadband capacity to enable high definition TV and provide inexpensive bandwidth.
SEACOM said last year investors in the venture included an arm of the Aga Khan Fund for Economic Development, Venfin and Herakles Telecom LLC, each with a 25 percent stake, and Convergence Partners with a 12.5 percent shareholding.
The Shanduka Group, owned by black business tycoon Cyril Rhamaphosa, holds the remaining 12.5 percent.
Nedbank Capital, a division of Nedbank and Investec Bank are funding the project.
South Africa's second telephone network operator, Neotel, which is competing with former monopoly Telkom has secured the rights to control the cable's use in South Africa.
South Africa has only one cable linking it to the rest of the world and this was controlled by Telkom until September 2007.
- Reuters