Japan’s leading telecommunications company NTT is looking to set up a joint venture with Australian telecoms operator Telstrato expand its presence in Asia.
Monte Davis, head of NTT Communications ICT, told Fairfax Media that a lack of acquisition opportunities in Asia meant Telstra’s goals of expansion would be best served through a JV arrangement with an established player such as NTT.
"Telstra seems to be saying it wants to grow and expand with Australian companies overseas and that was NTT’s entire global strategy years ago," he added.
NTT's shares were up 0.28 per cent to 31.7500 at 17:15 ET today (July 7th).
Meanwhile, Asian stock markets got off to a slow start today after a US market holiday. MSCI's broadest index of Asia-Pacific shares outside Japan was off 0.2 per cent by late morning, staying just under Friday's highs and near its 2011 peak. The benchmark Nikkei average shed 0.4 per cent to end at 15,378.44 points.
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