Chinese telecommunications operator China Mobile has announced that the company has invested NTD17.77 billion, which is about CNY3.6 billion, in acquiring a 12% stake in the Taiwan-based telecommunications company Far Eastone Telecommunications.
China Mobile said it will purchase 444 million shares of Far Eastone Telecommunications at the price of NTD40 per share through its wholly-owned subsidiary and these shares account for 12% of the total stake of Far Eastone Telecommunications.
As a leading telecom operator in Taiwan, Far Eastone Telecommunications mainly provides services such as mobile communications, broadband, media, and international services.
Wang Jianzhou, chairman and CEO of China Mobile, said that China Mobile believes that through the strategic cooperation with Far Eastone Telecommunications, it will further extend client services and provide cross-strait individual and corporate clients with higher quality and more customized services.
Wang added that the development of Taiwan's mobile communications market is relatively mature and Taiwan has precious experiences in 3G technology applications and data value-added services. The transaction will help the two sides discuss their research cooperation in communication technology standards.