PSN to resume M2@ project

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)