Taiwan Fixed Network Ltd (
Taiwan Fixed Network has hired Grand Cathay Securities Corp (大華證券) to buy 429 million shares of the mobile telephone company between 2:30pm and 3:30pm local time Monday, company spokesman Ting Hsien-wen (丁憲文) said in a release. The shares will be purchased at 15 percent above or below Taiwan Cellular's closing share price today, the statement said.
"Taiwan Fixed network will be a long-term strategic investor in Taiwan Cellular," said William Newton, Taiwan Cellular's spokesman.
Taiwan Cellular's shares surged NT$2.50, or 6.8 percent, to NT$39.50, the maximum 7 percent daily limit after the announce-ment. At the current share price, the purchase would be worth NT$16.9 billion.
Only former monopoly Chunghwa Telecom Co Ltd (
According to rules governing a bid for shares on the Taiwan OTC Exchange, Taiwan Cellular shareholders must have at least 100,000 shares to sell their shares to Grand Cathay. Shareholders must state a price to Grand Cathay, who will buy Taiwan Cellular shares for no higher than a pre-determined maximum price.
As there will be probably be more than one offer by shareholders to sell Taiwan Cellular shares, orders will be filled starting from the lowest offered price.
Spokespeople at Grand Cathay did not return calls seeking comment.
Taiwan Fixed Network and Taiwan Cellular "may want to bid for a 3G license" together, said Winnie Tiao, who helps manage NT$16.4 billion (US$498 million) in Taiwan stocks at Grand Pacific Securities Investment Trust Ltd (
Five licenses will be auctioned by year-end to enable high-speed data transmissions of video, photographs and music via mobile phones. Taiwan Cellular will bid for a 3G license, Newton said.
3G, or third-generation mobile technology, is what the high-speed services are commonly called. These allow users to download large files such as video on their cell phones.
The government will set a minimum price for a 3G license, though withheld from the public and the bidding companies. The companies will have to hit the minimum price in order to be considered a 3G-license candidate.
Taiwan Cellular had 5.39 million customers at the end of March. Chunghwa Telecom had 5 million customers, KG Telecommunications Co (和信電訊) had 3.79 million and Far EasTone Telecommunications Ltd (遠傳電信) had 3.7 million.
Taiwan Cellular last week said it will buy 97 percent of regional rival TransAsia Telecommunications Inc (
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