Far EasTone Shareholders Approve China Mobile Investment

China Mobile has won the approval by Far EasTone Telecommunications shareholders for its plan to buy a 12% stake in the Taiwan based mobile network operator for around NT$17.77 billion (US$529 million), though a new shares offering.

The purchase is still waiting regulatory clearance by both governments. Far EasTone chairman Douglas Hsu says thoug that he expects the authorities to approve the deal by the end of the year.

Upon the completion of this transaction, the parties agree to cooperate closely in a number of areas, including procurement, roaming services, data and value-added services, and network and technology advancement.

Far EasTone has also recently expressed an interest in building a 3G network based on the same TD-SCDMA technology that China Mobile is deploying on the mainland.

Posted to the site on 18th June 2009