Taiwan’s dominant fixed line operator Chunghwa Telecom is preparing the ground for the next phase of its privatisation process and has chosen an investment bank to manage the sale of shares. The move is part of the government’s established policy but has drawn criticism from employees who want pledges on job security and wages. In recent years the state has reduced its holding in Chunghwa from 100% to 64.9%. It has not, however, given a timetable of ‘concrete proposal’ for the latest sale. The group is capitalised at TWD96.4 billion (USD3.11 billion) and generated revenues of TWD182.6 billion in 2004.