Taiwan-based Far EasTone Telecommunication’s (FET) board has approved the company’s proposal to sell shares to China Mobile.
The board had approved a similar plan in April 2009 whereby FET was to sell about 444.34 million new shares to China Mobile for up to $567 million, giving the Chinese operator a 12 per cent stake. However, due to political objections, the deal was stalled. FET’s board has now reapproved the private placement of shares. Moreover, Taiwan and China are also negotiating a free trade pact that will permanently remove several barriers to mutual trade and investment.
