Taiwan s Chunghwa says reported Siemens jv stake sale not yet on board agenda
Posted by Mark Frost on Dec 2, 2007
Dec. 2, 2007 (Thomson Financial delivered by Newstex) — TAIPEI (XFN-ASIA) - Chunghwa Telecom Co Ltd (NYSE:CHT) (2412.TW) said its board has yet to put on its agenda any proposal to sell back a 15 pct stake in Siemens (NYSE:SI) Telecommunication Systems Ltd to Nokia (NYSE:NOK) Siemens Networks BV (NSN). ‘Such matters are entirely up to our board’s discretion,’ a company spokeswoman said, responding to a report that Chunghwa Telecom is planning such a sale for for slightly over 300 mln twd.
So far, there has been no word that the board is supposed to discuss the matter any time soon, she added. According to the Commercial Times, Nokia, which is now at the helm of NSN, is seeking to assume decisive control of all Siemens joint ventures across the globe. At 9.49 am, Chunghwa Telecom was down 0.70 twd at 63.70. (1 usd = 32.30 twd) philip.wang@afxasia.com - xfnpw/xfjamesa Copyright Thomson Financial News Limited 2007. All rights reserved.
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