Far EasTone shares sold
The parent of Far EasTone Telecommunications Co (遠傳電信), Taiwan's third largest mobile-phone operator, said it sold shares in the telecommunications unit worth US$130 million overseas to help lift the stock's liquidity.
Far Eastern Group (遠東集團) sold 110 million shares packaged as 7.33 million global depository receipts at US$17.74 each, according to David Wang, executive vice president of the company.
The share sale cuts the stake held by Far Eastern Group to less than 50 percent, making it easier for Far EasTone to seek a listing on the main board of the Taiwan Stock Exchange, Wang said.
Far Eastern Group sold a 2.9 percent stake in the company.
Yulon expects lower profit
Yulon Motor Co (裕隆), which makes Nissan Motor Co's cars in Taiwan, said its pretax profit for this year may drop to NT$5 billion (US$157 million), without last year's one-time profit from its sale of a distribution unit.
Sales by the company may rise 10.7 percent this year to NT$45.5 billion, from NT$41.1 billion last year. Yulon's unaudited 2004 pretax profit was NT$6.1 billion, according to its statement to the Taiwan exchange. Yulon sold NT$600 million worth of shares in Yulon Nissan Motor Co last month to spin off the marketing unit.
NT dollar strengthens
The New Taiwan dollar yesterday traded higher against its US counterpart, rising NT$0.16 to close at NT$31.868 on the Taipei foreign exchange market. Turnover was US$749 million.