Chunghwa sells 12% stake to plug the budget gap

18 Jul 2003

The Taiwan government has sold a 12% holding in its national PTO Chunghwa Telecom [2412ta.TW] to domestic and international investors, in the process raising USD1.65 billion to help plug the hole in the budget and finance job creation programmes. The state sold 965 million shares to overseas investors and 200 million locally, in a deal which discounted 2% from the company’s share price; Chunghwa shares closed at TWD50.