SINGAPORE (03/20/2000) - A consortium led by Singapore Telecommunications Ltd.
(SingTel) and Taiwan's Far Eastern Group (FEG) has won a license to operate a fixed-line telecommunications network in Taiwan, the company announced today.
The license was awarded to New Century Infocomm Co. Ltd. (NCIC), a consortium including SingTel, Far Eastern Group (FEG) of Taiwan, Cathay Life Insurance Company, China Development Industrial Bank, President Enterprise Corp., the Koo Group, the Aurora Group, the China Television Company and Systex Corp.
NCIC plans to offer international, domestic long-distance and local services, SingTel said in a statement. The services will include voice, data and leased-line services, including Internet and broadband applications, SingTel said.
SingTel and FEG are the largest shareholders in the consortium, with stakes of 18 percent and 33 percent respectively. Under the terms of the licence application, NCIC must have paid-up share capital of NT$40 billion (US$1.3 billion). SingTel's investment in NCIC is proportionate to its stake in the consortium, SingTel said.
The investment in NCIC is part of SingTel's on-going effort to diversify its earnings base from Singapore by participating in growth opportunities in the region's telecommunications industry, according to SingTel President and CEO Lee Hsien Yang.
Taiwan is an important market for SingTel's regional Internet and e-commerce strategy, and the company plans to work closely with NCIC to offer Taiwanese consumers and businesses a range of applications on broadband and wireless platforms, Lee said.
NCIC will begin offering services early next year, SingTel said in its statement.
SingTel can be contacted at +65-838-2740 or at http://www.singtel.com/.