Telecom Lead Asia: US-based VelaTel Global
Communications, a provider of operating wireless broadband and
telecommunication networks, has finalized the formation of two new corporate
entities — NGSN Communications Network, a Cayman Islands corporation and NGSN
Communications Network, a Hong Kong corporation.
The creation of these entities and payment of this
deposit will enable the joint venture to start the business with office lease,
hiring, project design and to secure equipment financing in Hong Kong.
Whilst waiting for manufacture and deployment of this
equipment, VelaTel will begin providing services to NGSN through its existing
wholly foreign owned enterprise (WFOE), Beijing Yunji Communications Technical
Services Company, pending completion of the formation of a WFOE as a subsidiary
to NGSN HK.
With the corporate formations now complete, VelaTel will
deposit funds into an NGSN HK bank account to fulfill its contractual
obligations.
VelaTel acquires spectrum assets through acquisition or
joint venture relationships, and provides capital, engineering, architectural
and construction services related to the build-out of wireless broadband
telecommunications networks, which it then operates by offering services attractive
to residential, enterprise and government subscribers.
The company currently focuses on emerging markets where
internet penetration rate is low relative to the capacity of incumbent
operators to provide comparable cutting edge services, and/or where the entry
cost to acquire spectrum is low relative to projected subscribers.
VelaTel currently has project operations in People’s
Republic of China and Peru. Additional target markets include countries in
Latin America, the Caribbean, Southeast Asia and Eastern Europe.
A few months back, VelaTel Global Communications entered into an
agreement with Cyprus holding company Kerseyco Trading to acquire 51 percent
stake in Kerseyco and its Serbian operating subsidiary, VeratNet d.o.o.
editor@telecomlead.com
