Australian Stock Exchange listed international connectivity provider Superloop is looking to raise $A35.3 million ($US26.3m) through an issue of new shares to fund the expansion of its network in Asia.
It plans to use the funds to invest in the Hong Kong TKO Express domestic submarine cable project; expand its Hong Kong fiber network beyond the initial network; expand its Singapore network and for general working capital purposes.
In Singapore Superloop already as 132km of fiber connecting eight data centers, two cable landing stations and 14 strategic commercial enterprise buildings out of its initial target of 25 buildings. It says that its ownership of ducts in Singapore will enable it to double capacity for an additional $A6m investment.
TKO Express is a new domestic submarine cable around Hong Kong designed to provide the most direct path between Superloop's core network in the data center campuses of Chai Wan and Tseung Kwan O (TKO) Industrial Estate tech hub.
TKO Industrial Estate is the new major hub for financial, media, technology and data center companies in Hong Kong with 13 data centers existing or under construction. It is also becoming a major hub for submarine cable landing stations, already terminating EAC, ASE, and APG submarine cables with more planned in the near future.
'TKO Express cable creates much needed physical diversity and a new low latency path to HK's major finance and technology hubs (important for high frequency traders based on Hong Kong Island),' Superloop says.