Far EasTone plans to sell 12% stake to China Mobile by 2010, further plans a 50-50 JV

www.WirelessFederation.com/news: Far EasTone, the Taiwanese mobile operator, said it hopes to complete the sale of its 12% stake to China Mobile by early-2010. It was in April that the two operators had announced the tie-up, saying China Mobile would pay $529 million for the 12 percent stake. Since then, the deal has faced lot of obstacles.
“We passed the resolution in yesterday’s shareholder meeting, so now we are on the path to take the case forward, including seeking approval,” Hsu Shu-tong, chairman of Far EasTone reportedly said.
Hsu said the process would take some time, but the company is hopeful of completing it by late this year or early 2010. He added that Far EasTone is also in talks to form a 50-50 JV with China Mobile, aimed at helping Taiwan providers of online and mobile content as well as software providers go to China.