|
||||||||
  |
||||||||
|
||||||||
|
||||||||
|
||||||||
|
||||||||
|
|
|||||||||||||||||||||||||||||||||||||||||||||
Government sale hurts Chunghwa Telecom
TAIPEI, Taiwan (CNN) -- Shares in Taiwan's largest telecom, Chunghwa Telecom Co., were depressed on Monday after Taiwan's government announced the sale of a chunk of its stock. The Ministry of Transportation and Communications said Sunday it will auction 1.3 billion shares, or around 13.5 percent of the company, between December 6 and 16, selling it the next day. The ministry, which still owns 95 percent of the telecom, set a minimum bid of T$49.10. That pushed Chunghwa's shares down 0.21 percent to T$48.10, with the stock missing out entirely on a rally in the Taipei market. Taipei market hits highest since AugustElection results in mayoral votes in Taipei and Kaoshiung saw Taiwan's Taiex jump 1.79 percent to 4,823.67, its highest close since August 27. The government has been looking to reduce its stake in Chunghwa Telecom since the company went public in 2000. It tried unsuccessfully to sell a 5.7 percent stake in the company in July. The base price for the December offering is still a premium of 1.87 percent over its close on Friday, meaning demand for the stock will likely be restrained. This has been a tough time for telecom stock offerings. Mainland-based China Telecom was forced to slash its initial public offering by more than half when it went public in November. (Full story)
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||
