First Financial launches GDR

Pre-marketing officially begins today for a re-capitalization exercise that will provide a telling indicator of investors'' belief in Taiwan''s financial sector reform.

Joint bookrunners Citigroup and Deutsche Bank are starting to begin pre-marketing of a 1 billion share offering for First Financial Holdings that could theoretically raise up to $608 million at the bank's current share price of NT$21.08.

Because the transaction is a re-capitalization exercise, the deal is an all new share issue representing about 20.7% of First Financial's share capital post offering. This will reduce the government's holding in the group from 36% to 25.2%, although it has not yet been decided whether the greenshoe will be composed of primary or secondary shares. The government currently holds 23.7% through the Ministry of Finance and 12.3% through the Bank of Taiwan, but has...

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222