Taiwanese mobile telecom operator Asia Pacific Telecom said on Friday it will decide on a merger partner by the end of this month, selling shares worth up to T$14.4 billion ($478 million) via a private placement to one of two suitors.

Asia Pacific Telecom has received approaches from Foxconn Technology Group, which makes iPhones and iPads, and Ting Hsin International Group, parent of Chinese noodle maker Tingyi Holding.

Both bidders, keen to tap into Taiwan's developing 4G telecom network, held meetings with the telecoms operator's board earlier today.

Under the private placement plan, Asia Pacific Telecom plans to sell up to 826.4 million shares at T$17.44 per share.