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Chunghwa Telecom raises $959 million in ADR sale

October 15, 2006
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Chunghwa Telecom, Taiwan's largest telecom company, has raised $959 million in overseas and domestic share offerings on behalf of its major shareholders including Taiwan Mobile. While the company sold 564.3 million shares in a US offering, priced at $16.99 per ADR, it sold another 120 million shares to domestic investors at T$51 per share. This offering (along with the previous one) has reduced the government's stake in the company to 36 per cent from 42 per cent earlier. Further sale of shares by Chunghwa seems unlikely as the government has reached close to its union budget limit on sale of shares in the company.

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