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Article: Singapore: Foreign funds for Singapore satellite business.
- Article from:
- TendersInfo
- Article date:
- November 5, 2008
CopyrightCOPYRIGHT 2008 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: pinto03
A GLOBAL company has committed itself to investing up to USD95 million in cash in Addvalue Technologies, a Singapore satellite-communications firm, despite the economic turmoil. The injection by the Cyprus investment-management firm, Pytheas (Cyprus), will help Addvalue expand through issuance of new shares, said the Singapore firm yesterday.
The satellite industry's resilience to economic downturns, said Pytheas (Cyprus) chief executiveHarris Samaras, is one reason why the company is still investing during an economic slowdown.
"Unlike consumer electronic products that are easily affected by a recession, there is always demand ...