E.Sun completes GDR

Taiwanese bank offloads remaining treasury shares.

E.Sun Financial Holding Co completed a $99 million GDR issue on Friday September 24 through its house bank Morgan Stanley. The sale of the170 million shares disposes of the remainder of the group's Treasury stock created by the establishment of a holding company structure. A year ago, it sold a $160 million exchangeable backed by Treasury shares and also led by Morgan Stanley.

The current sale comprises 6.8 million GDR units at a price of $14.50. This represents a 3.75% discount to the stock's NT$19.4 close on Friday. One GDR equals 25 shares.

The deal represents 10% of the freefloat and 8% of the outstanding share...

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