delay-of-chunghwa-telecom-selldown-suggests-dull-ecm-month-ahead

Delay of Chunghwa Telecom sell-down suggests dull ECM month ahead

Taiwan's Ministry of Finance decides bidding process for bookrunning mandates must take minimum 28 days under government procurement laws; this pushes the $1 billion-plus share sale into September at the earliest.
August looks set to be a fairly dull month in the Asian equity capital markets after the one sizeable deal that was expected to spice up the pipeline has been called off.

A spokesperson for Chunghwa Telecommunications confirmed Monday July 31 that the Taiwan governmentÆs second sell-down of the telecom operator in 12 months will be delayed after the Ministry of Finance decided that a formal 28-day bidding period must be adhered to before the bookrunning mandates can be awarded. The mandates were initially expected to be announced last week.

This means the share sale, which based on the current share price was expected to raise up to $1.3 billion, can no longer take place...
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