Chunghwa Telecom Co (
Goldman Sachs, UBS AG and Morgan Stanley won the bid to sell a major stake owned by the government to overseas investors, Chunghwa Telecom said in a statement released yesterday.
coordinator
Goldman Sachs will be the coordinator for the issuance of American Depositary Receipts (ADRs) equal to a maximum of about 1.35 billion common shares, or around 14 percent, of Chunghwa Telecom, the company said last week.
The result came five days earlier than the schedule originally set for Friday, which would pave the way for the government's plan to privatize Chunghwa Telecom as legislators are set to review a bill regulating the privatization of state-owned companies this week.
The passage of the draft bill would make the ADR issuance possible in June.
The ADR issuance will make up a part of the government's broader plan to sell a total of 17 percent of its holdings in Chunghwa Telecom to lower its stake to below 50 percent, the threshold for state-run companies to qualify as privatized.
other offerings
Other share offerings will include auctioning a 2-percent stake on the home market at a discount and offering an unspecified amount to its employees, according to the company.
The Ministry of Transportation and Communications still holds a controlling 65-percent share in Chunghwa Telecom after the last six share sales at home and abroad.
The latest one was in 2003, in which Goldman Sachs and UBS assisted the phone company in an initial public offering of a 14-percent stake on the US stock market.
Chunghwa Telecom's ADR slid 0.44 percent to US$20.29 last Friday, which was equivalent to NT$63.86 a common share. That represents a 6.08 percent premier, compared to the closing price of NT$60.2, down 1.31 percent, on the Taiwan Stock Exchange yesterday.
Each Chunghwa Telecom ADR equals 10 common shares.
purpose: Tesla’s CEO sought to meet senior Chinese officials to discuss the rollout of its ‘full self-driving’ software in China and approval to transfer data they had collected Tesla Inc CEO Elon Musk arrived in Beijing yesterday on an unannounced visit, where he is expected to meet senior officials to discuss the rollout of "full self-driving" (FSD) software and permission to transfer data overseas, according to a person with knowledge of the matter. Chinese state media reported that he met Premier Li Qiang (李強) in Beijing, during which Li told Musk that Tesla's development in China could be regarded as a successful example of US-China economic and trade cooperation. Musk confirmed his meeting with the premier yesterday with a post on social media platform X. "Honored to meet with Premier Li
Dutch brewing company Heineken NV on Friday announced an investment of NT$13.5 billion (US$414.62 million) over the next five years in Taiwan. The first multinational brewing company to operate in Taiwan, Heineken made the statement at a ceremony held at its brewery in Pingtung County. It also outlined its efforts to make the brewery “net zero” by 2030. Heineken has been in the Taiwanese market for 20 years, Heineken Taiwan managing director Jeff Wu (吳建甫) said. With strong support from local consumers, the Dutch brewery decided to transition from sales to manufacturing in the country, Wu said. Heineken assumed majority ownership and management rights
ARTIFICIAL INTELLIGENCE: The chipmaker last month raised its capital spending by 28 percent for this year to NT$32 billion from a previous estimate of NT$25 billion Contract chipmaker Powerchip Semiconductor Manufacturing Corp (力積電子) yesterday launched a new 12-inch fab, tapping into advanced chip-on-wafer-on-substrate (CoWoS) packaging technology to support rising demand for artificial intelligence (AI) devices. Powerchip is to offer interposers, one of three parts in CoWoS packaging technology, with shipments scheduled for the second half of this year, Powerchip chairman Frank Huang (黃崇仁) told reporters on the sidelines of a fab inauguration ceremony in the Tongluo Science Park (銅鑼科學園區) in Miaoli County yesterday. “We are working with customers to supply CoWoS-related business, utilizing part of this new fab’s capacity,” Huang said, adding that Powerchip intended to bridge
Microsoft Corp yesterday said that it would create Thailand’s first data center region to boost cloud and artificial intelligence (AI) infrastructure, promising AI training to more than 100,000 people to develop tech. Bangkok is a key economic player in Southeast Asia, but it has lagged behind Indonesia and Singapore when it comes to the tech industry. Thailand has an “incredible opportunity to build a digital-first, AI-powered future,” Microsoft chairman and chief executive officer Satya Nadella said at an event in Bangkok. Data center regions are physical locations that store computing infrastructure, allowing secure and reliable access to cloud platforms. The global embrace of AI