For Immediate Release
May 7, 1997
NTT's Involvement in Malaysia's Multimedia Super Corridor (MSC)
Nippon Telegraph and Telephone Corporation (NTT) has been given the opportunity to take part in Malaysia's Multimedia Super Corridor project from the designing stage of the master plan. Now in the implementation stage, NTT continues to cooperate with the Malaysian Government, striving for the success of the MSC.In the evening of May 7, NTT intends to sign a joint-venture agreement in Cyberview, the development company for "Cyberjaya", an intelligent city destined to become the center of the Multimedia Super Corridor.
NTT plans to make an investment of RM 51.2 million (about 2.7 billion yen) in Cyberview in exchange for 15% of the company's shares. Other investors include leading Malaysian corporations and government-associated enterprises such as the Multimedia Development Corporation (MDC), a highly empowered 'one-stop super shop', which is fully focused on ensuring the success of the MSC.
On May 17, there is a ground-breaking ceremony planned for Cyberjaya, which NTT plans to attend. This ceremony will take place at a specially constructed location within the planned site for Cyberjaya. Prime Minister Dr. Mahathir, cabinet ministers, key figures in government and business, and domestic and foreign companies that are planning to participate in the MSC are also expected to attend. NTT has been recognized by the Malaysian Government as a web-shaper company and has recently been awarded a "MSC Status". With this status in hand, NTT plans to set up an overseas subsidiary company in the first half of this fiscal year to develop businesses in Malaysia. Particularly, we are now planning an establishment of a R&D Center within Cyberjaya as a part of this overseas subsidiary company. More information on this company will be provided once preparations for its establishment have been completed.
(Reference) MSC Status
MSC Status is a qualification granted by Malaysian Government to companies prepared to set up operations in Cyberjaya and other cyber-cities in the MSC, and to satisfy certain requirements, such as the ability to contribute significantly to the advancement of MSC as a provider or heavy user of multimedia products and/or services. A company granted with this qualification can enjoy financial and non-financial incentives such as exemption from Malaysian income taxes, free employment of foreign knowledge workers, etc. At present, a total of four companies have been granted MSC Status: NTT, Sun Microsystems in the U.S., Telekom Malaysia, and MIMOS (Malaysian Institute of Microelectronic Systems) in Malaysia.
(Note)
This announcement is not effective until the public release in Malaysia, which is scheduled in the evening of May 7, 1997 (Malaysian time).
