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Reach Limited

Summary

Reach Limited is a Bermuda-incorporated holding company. It is a joint venture of Telstra and Hong Kong Telecom. Reach, headquartered in Hong Kong, has interests in more than 40 submarine cables (including AJC, APCN2, CUCN, Japan–US, RNAL, SEA-ME-WE 3) and international satellite systems, mainly servicing the Asia Pacific area. Reach has operating licenses and landing rights in most major markets including Hong Kong, Japan, Korea, Taiwan, Singapore, Australia, North America and Europe.

Reach Limited
Company typeJoint venture
IndustryTelecommunications
Founded2001
HeadquartersHong Kong SAR, China
Area served
Worldwide
ProductsSubmarine cable operator
Owner
Telstra(50%)
Hong Kong Telecom(50%)
Number of employees
300
SubsidiariesReach Networks Hong Kong[1]
Websitewww.reachnetworks.com.hk

History edit

Reach was established as a joint venture between Telstra and PCCW in 2001.[2][3] Telstra and PCCW injected their international assets, including subsea cables, gateways and satellite capacity into Reach. These assets were supplemented later the same year by the acquisition of Level 3 Communications' Asian assets. After financial difficulties, its shareholders negotiated a debt settlement in June 2004,[4] and it is now financially stable.[5] Reach was restructured,[6] and in 2005 announced that nearly all future expansion would be used for Telstra and PCCW requirements, though it would continue to service its other customers.

In 2011, PCCW transferred the 50% stake of Reach to its subsidiary Hong Kong Telecom (HKT).[7]: 151 [non-primary source needed]

In January 2011, Reach sold FLAG North Asia Loop System to PCCW Global (Singapore),[7]: V-8  a subsidiary of HKT.

Network edit

The company operates 364,000 km (226,000 mi) of network cables connecting 240 countries and territories.[8]

Working with FBI edit

Telstra was compelled to strike a 2001 deal with the FBI and the US Department of Justice to give them surveillance access to the undersea cables owned by its subsidiary Reach, a new document released online and provided to Crikey reveals.[9][10][11]

References edit

  1. ^ "Continuing connected transactions" (PDF). hkexnews.hk. Retrieved 17 September 2023.
  2. ^ "Telstra and PCCW Launch Joint Ventures" (PDF) (Press release). Reach. 7 February 2001. Retrieved 18 March 2018.
  3. ^ "Telstra, PCCW reach into Singapore market". Computer World. IDG Communications. 10 July 2001. Retrieved 18 March 2018.
  4. ^ "Archived copy" (PDF). Archived from the original (PDF) on 2007-08-30. Retrieved 2008-01-26.{{cite web}}: CS1 maint: archived copy as title (link)
  5. ^ "PCCW, Telstra settle Reach debt". South China Morning Post. Retrieved 2018-03-18.
  6. ^ "PCCW, Telstra restructure Reach". South China Morning Post. Retrieved 2018-03-18.
  7. ^ a b Global Offering (PDF) (prospectus). HKT Limited c/o HKT Trust. 16 November 2011. Retrieved 5 April 2020 – via Hong Kong Exchanges and Clearing website. Subsequent to 30 June 2011, an interest in Reach Ltd. was transferred to the Group as part of the Pre-IPO Restructuring. Upon completion of the Pre-IPO Restructuring, Reach Ltd. became a jointly controlled company of the Trust Group.
  8. ^ "REACH : About REACH : Overview". reach.com.
  9. ^ "Telstra PCCW Reach deal with FBI and Department of Justice surveillance access to cables - Crikey". crikey.com.au. 12 July 2013.
  10. ^ "Archived copy" (PDF). media.crikey.com.au. Archived from the original (PDF) on 30 May 2014. Retrieved 1 August 2022.{{cite web}}: CS1 maint: archived copy as title (link)
  11. ^ "Why US spies wanted to tap Reach, PCCW-Telstra cable joint venture". South China Morning Post. Retrieved 2018-03-18.

External links edit

  • Official website