Delay of Chunghwa Telecom sell-down suggests dull ECM month ahead

Taiwan's Ministry of Finance decides bidding process for bookrunning mandates must take minimum 28 days under government procurement laws; this pushes the $1 billion-plus share sale into September at the earliest.

August looks set to be a fairly dull month in the Asian equity capital markets after the one sizeable deal that was expected to spice up the pipeline has been called off.

A spokesperson for Chunghwa Telecommunications confirmed Monday July 31 that the Taiwan governmentÆs second sell-down of the telecom operator in 12 months will be delayed after the Ministry of Finance decided that a formal 28-day bidding period must be adhered to before the bookrunning mandates can be awarded....

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