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Foxconn to become major investor in fiber-optic venture

Taiwan-based fiber-optic cable maker Tai Tung Communication, the major shareholder of The Taiwan Intelligent Fiber Optic Network Consortium – Taifo –, has just announced it is giving purchasing priority of its paid-in capital increase to Hon Yun Development & Investment, a subsidiary of Foxconn Electronics (Hon Hai Precision Industry).

foxconn fiber opticHon Hai Precision Industry Co. will pay 209 million New Taiwan dollars (about US $6.99 million) to acquire a 22.79% stakes in Taifo, and will become the second largest shareholder in Taifo.

Taifo is a joint venture established in 2012 specifically for setting up a fiber-optic communications network around Taipei City.

Commenting on the announcement, Foxconn confirmed the action of joining the paid-in capital increase through Hon Yun to help realize fiber-optical network services in Taiwan.

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