Singapore Telecommunications (
SingTel) said Wednesday it will exchange its 24.51 percent share in Taiwan''s fixed-line operator New Century InfoComm Tech for a stake in a Taiwanese mobile phone carrier.
The Singapore telco will have a stake of almost 4.0 percent in Far EasTone Telecommunications as part of the share swap in a transaction valued at 6.09 billion Taiwan dollars (185 million US), it said in a statement.
Under the terms of the transaction, Far EasTone will issue 160.37 million new shares to SingTel in exchange for the 24.51 percent stake in New Century Infocomm Tech.
The transaction is expected to be completed by December 31.
SingTel, Singapore''s dominant telecommunications operator, has the largest mobile phone user base in Asia outside of China, totalling 136.35 million subscribers.
Source: channelnewsasia
