Against all odds: Chunghwa to miss IPO deadline

22 Jun 2005

The chairman of Chunghwa Telecom has admitted that the state-run operator will not meet its 1 July IPO deadline. Chunghwa was due to launch an IPO for the sale of a 17% stake in the company before the end of the month, but chairman Tan Hochen says that the telco is still finalising the details of its flotation and will not meet the target date. Last month Goldman Sachs, Morgan Stanley and UBS were selected as arrangers for the USD3.2 billion sale which will see the Taiwan government’s holding in Chunghwa reduced to less than 50%, officially making it a ‘non-state business’. The on-off sale has been repeatedly delayed due to union strikes, regulatory restrictions and government elections.

Taiwan, Chunghwa Telecom