Investors shun Chunghwa

4 Mar 2003

Taiwan’s auction of 100 million Chunghwa Telecom shares – equivalent to 1% of the company – witnessed a slow start yesterday when just 1.01 million shares were sold, raising TWD52.5 million. There were bids for almost 41 million shares but the vast majority fell short of the governments TWD52 per share floor price. Investors have until tomorrow to purchase a stake in Chunghwa, which as it stands is 81.41% owned by the state.