FET to invest in China-based company

Taiwan-based mobile telecom carrier Far EasTone Telecommunications (FET) will invest US$7.0 million, through its wholly-owned subsidiary FarEastern New Diligent Company based in British Virgin Islands (BVI), in BVI-based Yuan Dong Technology to acquire a 55% stake in Yuan Dong's wholly-owned subsidiary FarEastern New Century Information Technology (Beijing), a China-based developer of software and provider of IT system integration services, with the investment as FET's first step to tap the China market, according to FET.

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 China Mobile's subscribers.