PALAU, YAP ENDORSE FIBER-OPTIC CABLE AGREEMENT

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The ‘Caroline Cable Consortium’ will share costs

KOROR, Palau (Marianas Business Journal, Aug. 29, 2011) – The Palau National Communications Corp. and the Federated States of Micronesia Telecommunications Corp. have signed a memorandum of understanding for the acquisition and maintenance of an underwater fiber-optic cable between Yap and Palau.

The partnership between the two telecommunications providers is called Caroline Cable Consortium.

According to the agreement, the two telecommunications companies will acquire the cable owned by the Guam-Philippines Cable Limited Partnership and will share the cost of the acquisition. The shares of the profits and losses of the partnership will be in the same ratio as the contributions to the capital of the GP Cable.

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