The board of Chunghwa Telecom Co (
Chunghwa Telecom also plans to reduce its paid-in capitalization by NT$1.92 billion (US$58.9 million), or 1.99 percent, to NT$94.557 billion, on June 30, the company said.
In a statement sent to the Taiwan Stock Exchange, the company said the overseas share sale was proposed in accordance with a combined share sale plan of its biggest shareholders -- the Ministry of Transportation and Communications and smaller rival Taiwan Mobile Co (台灣大哥大).
The statement didn't offer more details. Chunghwa Telecom vice president and chief financial officer Hank Wang (王漢朝) also declined to reveal the volume of the new share sale.
The number of shares to be sold will be decided by the government, which now holds 41.5 percent in Chunghwa Telecom. Taiwan Mobile has a 1.5 percent stake, the company said.
Amid an increasingly deregulated telecom market, Chunghwa Telecom completed its privatization in August last year after selling a 17 percent stake both overseas and at home.
The 17 percent share sale included a 14 percent stake in the form of ADRs and a 3 percent stake of common stocks, allowing the government shareholding to drop below 50 percent -- a threshold according to the government's privatization definition.
Shares of Chunghwa Telecom dropped 0.84 percent to NT$58.9 yesterday.
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