Taiwan's parking disc FarEast Tone approves sale of stake to China Mobile
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Taiwan's FarEast Tone approves sale of stake to China MobilePublished: 16 Jun 2009 21:48:18 PST

Top 5 News From ChinaKnowledge.comHang Seng Index opens 181 points lower on WedHP awards researchers in Chinese universitiesSinovac's H1N1 flu vaccine for clinical trial by JulyPetroChina seeks partner for RMB 15-bln refinery in ChongqingCNPC to start Sino-Burma pipeline construction in SepJun. 17, 2009 (China Knowledge) - China Mobile Ltd<0941><CHL>, the country's largest telecom operator, on Tuesday obtained approval from Taiwan's Far EasTone Telecommunicaitons Co (FET) to buy a 12% stake in the company, sources reported.

Shareholders of FET approved the issuance of up to 444 million new shares valued at NT$17.7 billion to China Mobile to fund mergers and acquisitions or to invest in new business.

China Mobile is planning to set up a wholly-owned subsidiary in Taiwan to handle the share transaction.

The deal, which still needs regulatory approval, is expected to be the first direct investment by a mainland state-owned company on the island in six decades.

China Mobile and FET jointly announced the proposed deal in late April.

China Mobile, which just began offering 3G services in mainland China, has been seeking to expand overseas and to enhance its services.

The company's first-quarter net profit grew 5.2% to RMB 25.2 billion, according to an earlier report.


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