Chunghwa workers to strike over share issue

9 May 2005

The union of state run Chunghwa Telecom has approved plans for a workers strike on 17 May to protest against a forthcoming share issue. Workers are unhappy with the government’s planned issue of American Depositary Receipts equivalent to around 14% of the telco’s outstanding shares; a tender for management of the sale is expected to be launched later this month. The union says that the issue violates a resolution passed last year that prevents the state selling any of its 65% holding in Chunghwa until an agreement is reached safeguarding employees’ rights.

Taiwan, Chunghwa Telecom