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Ambit Microsystem to buy stake in Asia Pacific Telecom
2014-05-27 08:34:00| Telecompaper Headlines
(Telecompaper) Taiwanese telecoms operator Ambit Microsystems has signed a letter of intent to buy over 70.5 percent of the private placement shares of Asia Pacific Telecom, Focus Taiwan reports. Under the agreement, Ambit will buy Asia Pacific's private offering of 582.9 million shares at a price of TWD 20 per unit. The deal is expected to have a total cost of TWD 11.66 billion, according to the report. Earlier this month, Asia Pacific Telecom said it was planning to issue 826.4 million new shares in a private placement to increase its paid-in capital by 25 percent, from TWD 33.056 billion to TWD 42.320 billion. Taiwan Star Cellular, as well as Japanese firm SoftBank were also interested in acquiring a participation in Asia Pacific Telecom. Under the letter of intent, Ambit will be able to purchase the remaining shares at the same price within one year. Asia Pacific Telecom said Ambit is expected to complete the acquisition by 29 June, which will allow the firm to hold an around 14 percent stake in the company, becoming its largest shareholder. Ambit Microsystems is a subsidiary of electronics manufacturer Hon Hai Precision Industry.
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asia
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Category:Telecommunications