Search Menu
Photonics Media Photonics Buyers' Guide Photonics EDU Photonics Spectra BioPhotonics EuroPhotonics Industrial Photonics Photonics Showcase Photonics ProdSpec Photonics Handbook
More News
Email Facebook Twitter Google+ LinkedIn Comments

FiberCore forms South African Joint Venture
Feb 2002
CHARLTON, Mass., Feb. 5 -- FiberCore Inc. has entered into a joint venture with the Industrial Development Corp (IDC) of South Africa, a quasi governmental agency, and local investors to build a manufacturing facility for single-mode fiber in Cape Town, South Africa.

The joint venture, FiberCore Africa, is a $28 million project, consisting of approximately $17 million in equity and $11 million in loans. For its contribution of technology and approximately $1.7 million in cash, FiberCore will have a 60-percent equity interest, with rights to purchase the remaining 40 percent between 2004 and 2006. FiberCore will make its investment during the course of the construction of the facility with funds received from its recently announced financing. Several other participants, led by the IDC of South Africa, will contribute approximately $7 million for a 40-percent equity interest in the joint venture. (This is a Rand-based transaction, so all US dollar figures are approximate.)

To complete the funding of the project, FiberCore Africa closed on an approximately $11 million bank facility with a consortium of lenders, comprised of the IDC of South Africa, PSG Investment Bank Ltd. and BOE Bank Ltd. In addition, the joint venture is eligible to receive tax and other benefits with an estimated current value of approximately $18 million, spread over the next few years.

industrialNews & Features

Terms & Conditions Privacy Policy About Us Contact Us
back to top
Facebook Twitter Instagram LinkedIn YouTube RSS
©2018 Photonics Media, 100 West St., Pittsfield, MA, 01201 USA,

Photonics Media, Laurin Publishing
x We deliver – right to your inbox. Subscribe FREE to our newsletters.
We use cookies to improve user experience and analyze our website traffic as stated in our Privacy Policy. By using this website, you agree to the use of cookies unless you have disabled them.