Chunghwa stake sells: we told you so

18 Dec 2002

And finally, as predicted by CIT on Tuesday, a consortium including insurance group Cathay Life and Taiwan Cellular Corp has purchased a 13.5% stake in Taiwan telco Chunghwa Telecom. The sale was the fifth attempt by the Taiwan government to reduce its stake in Chunghwa and succeeded in raising USD1.87 billion, which will be used to lower the country’s record net debt.