Taiwan – Far EasTone Telecommunications Co, Taiwan’s third-largest telecom operator, obtained shareholder approval for a proposed 12 percent share sale to China Mobile Co, allowing the phone company to file the equity sale with the government. Shareholders also gave the green light to the management’s proposal to issue 444 million common shares to raise NT$17.77 billion (US$540 million) via private placement to facilitate mergers and acquisitions, or to invest in new business, the company said in a statement. On April 29, Far EasTone signed a memorandum of understanding with Beijing-based China Mobile to sell a 12 percent stake for NT$17.77 billion. China Mobile is the biggest telecom operator in China. Far EasTone chairman Douglas Hsu said in a statement that the proposals approved during the shareholder meeting will benefit the company’s development. Hsu called on the government to adopt a more open attitude to help local companies enter the Chinese market. He said local companies were facing mounting pressure amid intensifying competition, weakening consumption and price controls at home, the statement said. Despite the shareholder’s decision, investment from China Mobile is still subject to government approval.