Far EasTone President: SingTel Wants Seat on Board

TAIPEI -(Dow Jones)- Singapore Telecommunications is in talks with Far EasTone Telecommunications for a seat on the Taiwan firm's board, Far EasTone President Jan Nilsson said Wednesday.

SingTel is seeking the board seat after agreeing to swap its 24.5% stake in unlisted Taiwan fixed-line operator New Century InfoComm Tech for 160.4 million new shares in Far EasTone Telecommunications. The new shares represent 4.1% of Far EasTone's current equity and would reflect 4% of paid-up capital after the new shares are issued.

"There's discussion on a board representative (for SingTel), that depends on shareholders' consent, I can't say anything more but they do have a strong interest in Taiwan," Nilsson said.

-By Alex Pevzner, Dow Jones Newswires; 8862-2502-2557; alex.pevzner@dowjones.com

(END) Dow Jones Newswires

Posted to the site on 15th August 2007