PSN to resume M2@ project

JAKARTA (JP): Satellite-based communications company PT Pasifik Satelit Nusantara (PSN) said on Friday it was ready to restart its Multi-Media Asia (m2@) project, a satellite-based high-speed internet access service, after a delay in 1998 due to the economic crisis.

Company president Adi R. Adiwoso said PSN was nearing completion of funding for the m2@ project.

"PSN needs to raise US$150 million to restart the project, the majority of which will come from a private placement," he said.

The company is in the late stages of securing financial partners for the remaining portion, he said, adding that only a few major players in the communications sector had shown interest in the project.

Adiwoso said with the launch of the m2@ satellite expected in 2002, PSN would have a fixed data network to compliment the soon to be launched mobile voice and data network by subsidiary ASIA Cellular Satellite. (cst)