Formosa Petrochemical sell-down raises $350m

The partially upsized block trade in the Taiwan refiner was more than half-covered at launch and priced at a 5% discount.

The controlling shareholders of Taiwan oil refiner Formosa Petrochemical have raised NT$10.52 billion $350 million from the sale of a small portion of their combined stake in the company.

The transaction was completed in the early hours of Friday morning Hong Kong time following a lengthy discussion about the final deal size. In the end, it was partially upsized but priced at the bottom of the indicated range for a 5% discount to Thursday’s close.

The three sellers, which are all part of the Formosa Plastics Group, offered 129.6 million shares, with an option to sell a further 25.2 million shares in case of strong demand....

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