Taiwan Mobile (TWM), one of the top-three operators of mobile communication services in Taiwan, on October 8 announced it will invest up to US$5.3 million to acquire the remaining shares of Hurray! Times Communications, Beijing, a China-based developer/designer of mobile communication products. The deal will be managed through its overseas subsidiary TWM Holding, and is subject to approval by the government authorities in Taiwan and China. This will be the first time for TWM to acquire an enterprise in China, industry sources pointed out.

TWM will obtain the stake from China-based Hurray! Holdings, the parent company of Hurray! Times Communications listed on the Nasdaq, TWM indicated. TWM in October 2006 spent US$5.771 million to purchase Hurray! Holdings' ADRs (American Depositary Receipts) equivalent to a 5.02% stake through another subsidiary, TWM noted.

Hurray! Times Communications' R&D capability and experience in mobile digital content and value-added services will strengthen TWM's development of such services and shorten the time to market, TWM explained.