kgi-securities-sells-gdrs-worth-286-million

KGI Securities sells GDRs worth $286 million

The money raised will be used to finance KGIÆs acquisition of Taishin Securities.

KGI Securities raised $286 million by selling global depositary receipts GDR on Wednesday. The money raised will be used to fund the acquisition of Taishin Securities, which will make KGI the second largest securities firm in Taiwan.

The offering consisted of 33.5 million GDRs, each equivalent to 20 common shares. The GDRs were priced at $8.54 each, which is equivalent to NT$13.97 per common share. The final price translates to a 5% discount to Wednesday's closing price. This is a tight discount compared to the other companies that have sold GDRs through accelerated bookbuilds in recent weeks Shin Kong Financial raised $375 million at a 9.9% discount, and Chunghwa Picture Tubes...

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