TWM to move for Fitel

4 Aug 2009

According to a report in Taiwan’s Commercial Times citing unnamed sources, Taiwan Mobile (TWM) is preparing a bid to purchase a controlling stake in personal handy-phone system (PHS) operator First International Telecom (Fitel). TWM is reportedly prepared to spend TWD500 million (USD15.2 million) for a 20% stake in the firm. According to TeleGeography’s GlobalComms database, at the end of March 2009 Fitel was estimated to have 1.5 million PHS customers, although it is thought to have around TWD5 billion of outstanding debt.