Taiwan Cement utilizes new rule to sell out of Far EastTone

A record $213 million block trade and a $41 million GDR issue give Taiwan Cement a profitable exit.

Under new rules issued by the Taiwanese stock exchange at the beginning of April, Taiwan Cement Corp carried out the biggest block trade sale in Taiwanese history earlier this week, as well as a successful GDR global depositary receipt issue.

The Tuesday deal was lead managed by Credit Suisse First Boston and follows a succession of smaller sales by Taiwan Cement in telecoms company Far EastTone, currently the beneficiary of a major share run up.

177,186,000 ordinary shares of the block trade were sold raising $212,623 million at a price of NT$37.55 per share, a 1.96% discount to the stock's closing price on May 3....

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