Sumitomo & KT Corp plan WiMAX launch

Major Japanese trading company Sumitomo and South Korean telco KT Corp have announced the acquisition of two Tashkent-based telcos, and have revealed plans to launch high speed WiMAX-based services in the second half of 2008. Sumitomo will buy 34% in East Telecom and a 40% stake in Super iMax, while KT will buy stakes of 51% and 60% respectively. The purchases are expected to cost Sumitomo and KT in the region of JPY8 billion (USD70 million). East Telecom and Super iMax will aim to achieve combined annual sales of USD61 million dollars by 2012, according to Sumitomo.