Monday, September 6, 2010

China Mobile Communications to invest US$7.0m in BVI company

Taiwan-based mobile telecommunications company Far EasTone Telecommunications (FET) announced that it will invest US$7.0 million in British Virgin Islands-registered company Yuan Dong Technology, through its wholly-owned subsidiary FarEastern New Diligent Company also based in BVI.

The purpose of the investment is to acquire 55% stake in FarEastern New Century Information Technology (Beijing), which is wholly-owned subsidiary of Yuan Dong. FarEastern New Century Information Technology is a China-based developer of software and provider of IT system integration services, and this investment of Far EasTone Telecommunications is the first step of the telecom carrier to enter the Chinese market. FarEastern New Century will step into production of digital content in line with FET's cooperation with China Mobile Communications to provide value-added services for customers of China Mobile.