Fitel plans share issue to fund WiMAX rollout

6 Nov 2007

The Taiwanese wireless operator First International Telecom (Fitel) is planning to issue 250 million new shares to raise funds to help pay for its planned rollout of WiMAX technology. The private placement will take place in two rounds, DigiTimes reports. The first round will see 100 million shares made available to domestic target investors at a price of around TWD12 (USD0.37) per share, while the second round will offer 150 million shares to overseas investors at a price which the company expects will be above TWD12 per share. Fitel is one of six regional WiMAX licensees in Taiwan, winning a concession covering the north of the island in July. Around 200 of its 700 employees will be assigned to its WiMAX business, it says.