Chunghwa sale likely to be delayed

16 Sep 2004

The Taiwanese government’s plan to sell a stake in dominant operator Chunghwa Telecom later this year now looks unlikely to come to fruition until 2005, due to a lack of preparation on the government’s part and delays associated with the forthcoming legislative elections in December. The state had initially planned to offload a 15% stake in Chunghwa in 2004 to take its shareholding down to 49%, in the process raising around TWD80 billion (USD2.3 billion) with which it plans to reduce the budget deficit. However, according to Chunghwa’s Chairman Ho Chen Tan, the government has yet to reveal any details on the timing of the sale, and remains unlikely to do so until December’s elections are out of the way.