Singapore Telecommunications (SingTel) announced a joint venture with APT Satellite Company Ltd. of Hong Kong, owner and operator of the three-satellite Apstar 1, 1A and 2R system.

The agreement was announced after the Hong Kong government awarded APT a license for international satellite-based, fixed telecom services, according to Agence France Presse.

Fifty-five percent of their joint venture company, APT Telecom, will be owned by an APT subsidiary; 45 percent will be owned by SingTel subsidiary SingaSat. The companies said that during the next three years APT Telecom plans to invest $26 million to $39 million to build its system.