TAIPEI (WiMAX Day). The board of directors of Taiwanese telecoms operator Fitel has agreed to issue 250 million new shares in a private placement to selected investors at a price of NT$12 per share. The company expects to the share sale to net the company NT$3 billion (US$90.0 million).

Last month Fitel was awarded a license to operate a WiMAX network in the northern region of Taiwan. The fundraising is now necessary for Fitel to build out its network.
According to a report in <em>DigiTimes</em>, the private placement is subject to approval by shareholders at a general meeting in November.