Cathay clears out treasury shares

Taiwan''s largest financial holding company by assets raises $495 million from GDR issue.

Cathay Financial Holdings returned to the GDR market for the first time in over a year yesterday November 11 with a $495 million GDR via its house bank JPMorgan. After marketing the 254.9 million share deal at a 2% to 4% discount to spot, pricing came towards the cheaper end - 3.8% to the stock's NT$66.5 close. One GDR equals 10 shares.

The deal represents 3% of the company's issued share capital and a...

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