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 fairly slim 12 days trading volume. Pre-deal, the group had a freefloat of 45%. It has now cleared out all the treasury shares created as a result of the establishment of a financial holding company...

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222