His stake in the trustee-manager is held through his proxy Lu Fang-Ming, a Foxconn senior executive. Mr Lu is also the chairman of Asia Pacific Telecom , which Foxconn controls.
TBC is the largest cable provider in Taiwan that hasn't reached the forced 33 per cent market share cap, Mr Moffatt said, so it may consider"rolling up" the franchise areas of smaller operators that have failed to digitise and had their monopolies removed. He added:"APTT is actually a prime activist target. It has a big free-float, and it doesn't take much to remove the trustee-manager."
Paul Chew, head of research at Phillip Securities Research, believes that APTT's new manager was just being conservative when it cut dividends last year:"The use of leverage to pay off the dividends was clearly evident in the last few years.
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