Singapore Telecommunications (SingTel) has sold its entire 3.98% stake in Taiwanese mobile operator Far EasTone Telecommunications for NT$8.03bn (US$274m).
Overall, almost 130 million shares were sold on the market at NT$62 (US$2) each. SingTel said…
Singapore Telecommunications (SingTel) has sold its entire 3.98% stake in Taiwanese mobile operator Far EasTone Telecommunications for NT$8.03bn (US$274m).
Overall, almost 130 million shares were sold on the market at NT$62 (US$2) each. SingTel said it expects a gain of S$118m (US$95m) from the sale in the first quarter ending 30 June.
Goldman Sachs is reportedly the sole bookrunner on the deal.
In late December last year, it was reported that Far EasTone was hoping to sell a stake in itself to Chinese mobile network operator China Mobile in 2012.
Since 2009, there have been talks between the two companies about the sale of a 12% Far EasTone stake for around US$533m. But the transaction hit a regulatory stumbling block when Taiwan’s government said the sale contravened FDI laws.
However, in recent years, relationships between the two countries have been warming up, as a result of which more cross-border transactions seem possible.
