China Steel completes GDR

The Taiwanese government sells a 2.58% stake.

Joint leads Citigroup and Goldman Sachs completed an accelerated GDR issue for China Steel Corp CSC last night Thursday. The 11.98 million unit deal represents the first government sell down via a GDR since 1997 and before that 1992. Its emergence was somewhat unexpected given the escalating SAR's crisis in the Island Republic, although this did not appear to hamper demand for the transaction.

The issue raised $132.35 million via the sale of a 2.58% stake by the Stabilization Fund, which has now divested its entire stake in the 39.92% government-owned group.

Pricing was completed at the wide end of the indicative range and settled at NT$19.15, representing...

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