Far EasTone, SingTel Reach Share Swap Agreement
August 17, 2007
Taiwanese mobile phone operator Far Eastone announced on August 15 that it has signed a share swap agreement with SingTel (Singapore Telecommunications), a deal projected to increase Far EasTone's stake in Taiwanese fixed-line telecom NCIC (New Century InfoComm Tech) to over 50%. Pursuant to the agreement, Far EasTone will offer NT$6.217 (US$0.187; US$1 = NT$33.230) per share for SingTel's 24.51% stake in NCIC. In return SingTel will acquire nearly 4% stake in Far EasTone. The transaction is expected to be completed by year-end 2007.