Taiwan government privatizes Chunghwa Telecom

Government completes country''s largest ever equity offering.

The Taiwan government acting through the Ministry of Transport and Communications MOTC sold a 17% stake in Chunghwa Telecom CHT on Tuesday August 9, reducing its stake in the company below 50% and freeing management from restrictive operational procedures.

The $3.113 billion offering was split into two, with 289.4 million shares sold via a domestic auction and 135.068 million units in ADR format. There is a ratio of one ADR per 10 common shares.

Under the lead management of Goldman Sachs, Morgan Stanley and UBS, the $2.56 billion ADR offering was priced at $18.98 per unit, representing a 3% discount to the ADR's $19.57...

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