Symphonet secures RM1.359bil guarantor

KUALA LUMPUR: Although it has yet to secure financiers, Symphonet Sdn Bhd announced that it has a guarantor for US$453mil (RM1.359bil) to fund its three large projects.

Chief executive officer Datuk Baharum Salleh said the three projects an e-commerce trading platform, and two submarine fibre optic cable systems, namely the Johor-Jakarta Cable System (JJCS) and Terengganu-Vietnam Cable System (TVNCS) were financially backed by Indonesia's PT Saras TLP Investment (Saras Group).

“Saras Group will be the guarantor for all those projects. We're still negotiating to secure financing. We've not decided yet... whichever bank that can give you a good deal,” Baharum said at a briefing after a signing ceremony between Symphonet and Saras Group, PT Interkoneksi Internet Indonesia (3i) and Vietnam Hi Technology Development and Investment Joint Stock Company (VITEDI).

Baharum declined to disclose which bank would provide the financing. “We hope to secure the funds as soon as possible subject to the discussion taking place,” he added.

On the cost of the projects, he said about US$300mil would be required for the e-commerce platform, US$100mil for JJCS and US$60mil for TVNCS.

The JJCS will link Iskandar Malaysia in Johor to Jakarta, while the TVNCS is from Kertih, Terengganu, to Vung Tau in Vietnam. The e-commerce project belongs to the Saras Group and would be carried out by Symphonet.

The Indonesian group will also fund the e-commerce project, which will cover at least 480 sites in Indonesia. Baharum said the details of the investment and ownership structure of the underseas cable projects were, however, still being discussed.

Symphonet had earlier announced its joint venture (JV) with 3i on the 1,300km JJCS. Yesterday's event formalised the setting up of the JV company, Malindo Cable Network Pte Ltd. At the same time, Symphonet signed a consortium agreement with VITEDI for the 800km TVNCS.

The TVNCS is meant to serve as the Eastern international gateway into the Indochina markets, while the JJCS was positioned as the Southern gateway that would extend its customers to India, the Middle East, Europe and the United States through strategic partnerships.

When asked on the expected revenue from the projects, Baharum said all three would have recurring income, with the JJCS expected to generate the most.

Without disclosing details, he added that Symphonet and the Saras Group would be announcing four more projects in the near future, including two in Malaysia.

Source: the Star Online 24 August 2011

Symponet bags US$300m deal to set up e-commerce in Indonesia

KUALA LUMPUR: Little known company Symponet Sdn Bhd has bagged a US$300 million deal from
Indonesia's PT Saras TLP Investment Group to establish an e-commerce platform in Indonesia.
Symponet, established only three years ago, has been given the job to integrate 480 outlets across islands of
Indonesia.
Symponet managing director Datuk Baharum Salleh said that the e-commerce platform will also have two
data centres and network operations centres - one each in Jakarta and Kuala Lumpur. It will also have a data
recovery centre in Malaysia.
Baharum was speaking to reporters following the signing of three documents, one of which was an
memorandum of understanding for the e-commerce platform.
The Saras Group, which is described as providing international financial services, is also acting as guarantor
for two other submarine cable projects - a 1,300km cable from Iskandar Johor Bahru to Jakarta with an
estimated cost of US$100 million and a 800km from Kerteh in Terengganu to Vung Tau in Vietnam worth
US$60 million.
Symponet is yet to secure any funding for these projects, but Baharum said it is in talks with several
institutions to see who can offer the best deal.
However, initial work on the Johor-Jakarta Cable (JJC) has commenced with the likely date for completion set
for end-2012, at the latest.
Symponet also formalised the joint venture with PT Interkoneksi Internet Indonesia called Malindo Cable
Network Pte Ltd for the JJC yesterday.
Another agreement was for the setting up of a consortium with Vietnamese broadband service provider
Vietnam Hi Technology Development and Investment Joint Stock Company (Vitedi).
The equity structure of both cable projects are yet to be determined. Baharum said that there could be as many
as four partners in each project.
The Saras Group financing instrument arrangement is to the tune of US$453 million encompassing a total of
seven projects, two of which are yet to be announced.
The group was represented by its executive chairman Arya Widjaya.
Source: Business Times 2011/08/24

England Riots: Hackers hit BlackBerry Site over Police Help

A hacker group has attacked Blackberry's website after the company said it would assist police investigating riots in the UK.

Team Poison defaced the official Blackberry blog, posting a message that threatened the firm with retaliation if it handed user data to authorities.

Blackberry's instant messaging service is believed to have been used by some looters to plan their movements.

The firm has promised to co-operate with police and the Home Office.

In its statement, Team Poison said that it did not condone innocent people or small businesses being attacked in the riots.

However, it added: "We are all for the rioters that are engaging in attacks on the police and government."

The group argued that if Blackberry gave subscriber information to police, it could lead to the wrong people being targeted.

"Innocent members of the public who were at the wrong place at the wrong time and owned a Blackberry will get charged for no reason at all," said Team Poison's statement.

It threatened to release employee information, including names, addresses and phone numbers of Blackberry staff.

UK laws mean police can request data from individuals' mobile phones when that information relates to criminal activity.

The procedure is governed by the Regulation of Investigatory Powers Act.