CPT joins TFT-LCD funding rush

Taiwanese flat panel producer returns to GDR market.

Chunghwa Picture Tubes CPT returned to the GDR market for the first time since October 2003 on June 21 with a $308.5 million deal via ABN AMRO Rothschild and Citigroup.

The greenshoe was exercised in full enabling the group to issue a total of 28 million units at $11.02 each. This represented a 6% discount to the stock's NT$14.7 close earlier the same day.

The discount was in line with the 6.7% level the group managed back in 2003, but wider than the 4.7% discount Chi Mei Optoelectronics achieved just over a week ago. However, CPT is a much weaker proposition than Chi Mei and it...

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