NTT DATA, Sumitomo, JA Mitsui Leasing Form $1 Bln Company To Develop, Operate Submarine Cables

(RTTNews) - NTT DATA Group Corp. (NT5.F, 9613.T), Sumitomo Corp. (SSUMY.PK), and JA Mitsui Leasing, Ltd. Tuesday said that they have jointly established Intra-Asia Marine Networks Co., Ltd. or I-AM NW, a $1.00 billion company, which will develop and operate the Intra-Asia Marine Cable or I-AM Cable.

This submarine cable system is expected to connect Japan, Malaysia, and Singapore, with extensions to Korea, the Philippines, and Taiwan.

Originating in Japan, the I-AM Cable will support Asia's growing digital infrastructure and strengthen regional connectivity, the companies said in a joint press statement.

According to the press statement, the system will link three Japanese landing stations in Chiba, Mie, and Fukuoka to Southeast Asia, thus strenghtening the response against natural disasters. I-AM NW will be in complete charge of the project from planning through service delivery, providing communication services to global technology firms and telecom operators.

On the OTC Markets, SSUMY.PK ended Monday's trading at $37.53, up $0.86 or 2.4 percent.