The Taiwanese government is reducing its stake in the country’s largest telco, Chunghwa Telecom. The state is offloading 505.4 million shares on the New York Stock Exchange and a further 120 million shares in Taiwan. The price of the offer is to be set this week. The deal will see the government’s stake in Chunghwa reduced from 42.2% to 35.6%. Meanwhile, another local telco, Taiwan Mobile, which has a minority stake in Chunghwa, is to sell 59 million Chunghwa common shares in the form of American Depositary Shares. The government sale is expected to be completed by the end of the month and could raise up to TWD40 billion (USD1.22 billion) according to a report from The China Post.