TAIPEI (WiMAX Day). First International Telecom (Fitel) is about to embark on an ambitious financing plan, issuing 250 million new shares for sale to investors. The money raised will go towards building WiMAX infrastructure and operations. To minimize operating costs, Fitel downsized from 760 employees to 700, of which about 200 will be assigned to WiMAX business, according to Fitel president Charlie Wu. Shareholders at a meeting on November 2 gave the company a green light to offer shares in two rounds; the first 100 million shares will be available to domestic target investors at a NT$12 (US$0.37) per share. In the second round, 150 million shares will be for sale to overseas investors at a higher price per share, according to Wu. He said his company’s board will soon settle on both domestic and overseas prices.

Fitel operates a low-power PHS (personal handy-phone system) services in Taiwan and was issued a license to operate  WiMAX services Taiwan’s northern region. Fitel plans to partner with Asustek Computer to offer a WiMAX/GSM dual-mode handset. Also, Fitel is negotiating wit Quanta Computer to procure repeaters and PCMCIA cards.