Far East reveals US$100m IT plans

Far East Consortium International plans to invest about US$100 million to expand into information technology (IT) in the next four years, according to deputy chairman David Chiu Tat-cheong.

The first step in the plan was to buy up to 51.5 per cent of Shanghai Uni-Win Electronics for $33.6 million by March 31, he said.

Shanghai Uni-Win designs, develops, manufactures and sells set-top boxes under its own brand, Moway.

A letter of intent has also been signed for Far East to sell set-top boxes to South East Asia Communications.

Far East last week agreed with China United Telecommunications to sell 500,000 set-top boxes in two years.

After the proposed acquisition, Mr Chiu said the company planned to form another two set-top box manufacturing operations in Shanghai and Xiamen to raise output.