Morgan announces another Pacific cable customer

MAARTEN HOLL/Dominion Post

BACKER: Businessman Sam Morgan.

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Pacific Fibre says it has secured a fifth foundation customer, and is predicting it will be "cutting the ribbon" on a new trans-Pacific cable in Sydney on July 16 2014.

The latest customer took total sales to US$200 million (NZ$243m).
 
Co-founder and chairman Sam Morgan today said the significant sale to a US customer further de-risked the Pacific Fibre business for investors.

The company was also expecting to announce the completion of fundraising in mid-June.

In mid-March Pacific Fibre tried to dampen down speculation in Australia that its US$400 million communications cable, competition for the Southern Cross cable network, may never be built.

At that time it said it had sold US$170m worth of capacity on the cable to would-be buyers.

- © Fairfax NZ News