First Financial launches GDR

Pre-marketing officially begins today for a re-capitalization exercise that will provide a telling indicator of investors'' belief in Taiwan''s financial sector reform.

Joint bookrunners Citigroup and Deutsche Bank are starting to begin pre-marketing of a 1 billion share offering for First Financial Holdings that could theoretically raise up to $608 million at the bank's current share price of NT$21.08.

Because the transaction is a re-capitalization exercise, the deal is an all new share issue representing about 20.7% of First Financial's share capital post offering. This will reduce the government's holding in the group from 36% to 25.2%, although it...

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