FarEasTone plans ADR issue to fund 3G expansion

Mandate proposals give management some light holiday reading over Chinese New Year.

FarEasTone, Taiwans third-largest mobile phone company by subscriber numbers, is nearing the final approval for its over-the-counter OTC listing, a prerequisite under Taiwan law for its plans to launch an American Depositary Receipts ADR offering later this year.

The company and lead manager, Capital Securities, have been going through the procedure for getting an OTC listing in Taiwan for the last 18 months and expect to submit final paperwork for approval before February 22.

FarEasTone is also in the process of selecting bankers for an ADR issue, with proposals from the five or six shortlisted banks due last Friday, the last business day before Taiwan shut down for the...

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