TransAsia Telecommunications (
Richard McCormick, president and CEO of TransAsia Telecommunications, yesterday released a statement saying that some reports about the ownership of the company contained "many incorrect and misleading statements," and clairified that, "No existing partners have committed to completely withdraw from TransAsia."
However he didn't deny the eventuality saying that "the existing shareholders have agreed to sell any portion or all of the shares as deemed necessary to ensure the continued success of TransAsia." McCormick admitted that, "In an effort to strengthen our company and increase our ability to win an islandwide 3G license, the owners of TransAsia have agreed to look for new investors to join us."
Charlie Midgley, senior vice preident of marketing and sales, told the Taipei Times that "Trans-Asia has made it clear we are looking for partners ... [and] while we don't have a 'for sale' sign up out front, we do need to beef up our economic clout," ahead of bidding for 3G licences, which according to observers could require investment commitments of up to NT$31 billion. The announcement by TransAsia, which has over 600,000 subscribers in southern Taiwan, came in response to a local media report that shareholder Southwestern Bell Corp -- which holds a 44 percent stake -- and other major investors were planning to sell all their shares. The report also said the shareholders had enlisted the help of Goldman Sachs to seek foreign buyers including the likes of Vodafone, Singapore Telecom and NTTDoCoMo.
But Goldman's search had turned to local telecoms firms after foreign buyers lost interest in the purchase due to TransAsia's status as a regional provider, the report said. McCormick said that the major shareholders had "retained a consultant to assist in the search. We have been meeting with a variety of companies, both domestic and foreign, ... [and will] study all offers that we believe will enhance Trans-Asia's ability to win a 3G license."
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