[November 12, 2009] KDDI to acquire 50% stake in Bangladeshi Internet service firm Tweet TOKYO, Nov 12, 2009 (Kyodo News International - McClatchy-Tribune Information Services via COMTEX) -- KDDI Corp. said Thursday it will acquire a 50 percent stake in BRAC BD Mail Networks Ltd. of Bangladesh through a third-party allotment of new shares by the Dhaka-based Internet access service provider. KDDI, Japan's second-largest mobile phone operator, decided to invest in the company known as bracNet as the penetration rate of the Internet remains as low as 2 percent in Bangladesh despite strong demand. The Bangladeshi company was founded in 2005 by Defta Partners, a venture capital firm in California, and Bangladesh Rural Advancement Committee, a nonprofit organization in Dhaka. KDDI has yet to announce details of the equity acquisition deal, including its value and date. To see more of Kyodo News International, go to http://www.kyodonews.com Copyright (c) 2009, Kyodo News International, Tokyo Distributed by McClatchy-Tribune Information Services. For reprints, email [email protected], call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA. [ Back To TMCnet.com's Homepage ]