Chunghwa and FarEasTone push forward ADRs

As FarEasTone enters final selection procedures for a debut ADR, the Taiwanese government is said to be on the verge of deciding whether to re-engage investors with Chunghwa Telecom via a non-deal roadshow.

Lead managers for Chunghwa Telecom's stalled $3.15 billion ADR - Goldman Sachs, Merrill Lynch and UBS Warburg - are awaiting a final decision from the company and Ministry of Transport Communications MOTC. After nearly a week of growing speculation, a decision that will likely favour embarking on a non-deal roadshow is said to be imminent, with investor presentations set to begin a couple of weeks after.

For all market observers, such a course of action is felt to mark the most sensible option for the government and for some, its only option. A domestic sale of any magnitude has been ruled out because of the disappointing ...

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