Capital Group sells Siliconware chunk in block

The group's largest shareholder takes advantage of stock price momentum to offload one of its arm's stake.

The Capital Group has raised NT$13.5 billion $452 million from an accelerated block trade in Taiwan's Siliconware Precision Industries after Wednesday's close.

Capital Income Builder Fund and Capital World Growth Income Fund two funds under Capital Research sold 269.3 million shares at NT$50.20 per share. This represented the research arm's entire 8.6% stake.

Pricing represented a 6.9% discount to the company's close and the bottom end of an NT$50.20 to NT$51.8 range. 

Timing of the UBS-led deal was dictated by the company's ex-dividend date on July 16 and persuaded more income-oriented funds into the deal than would normally...

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