Tatung prices exchangeable

The TFT-LCD sector continues to completely monopolise Asian ECM activity as Tatung Corp monetizes part of its stake in Chunghwa Picture Tubes.

Taiwanese computer and home appliances manufacturer Tatung Corp monetized a 3% stake in TFT-LCD manufacturer Chunghwa Picture Tubes CPT yesterday Monday. With ING as lead manager, a $79.6 million deal was closed within three hours of launch after books passed eight times oversubscription.

The credit-enhanced deal breaks the mould of recent Taiwanese equity-linked deals and as such investors were said to have found the combination of ING's credit strength and CPT's low stock valuation...

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