Shares in Taiwan Semiconductor Manufacturing Co (TSMC,
TSMC's shares gained 2.8 percent to close at NT$69.1 on the Taiwan Stock Exchange. The benchmark TAIEX index rose 54.85 points, or 0.72 percent, to 7,684.00 on turnover of NT$104.97 billion.
Royal Philips Electronics NV, based in Amsterdam, sold a 3.4 percent stake, or 887 million shares, in the chipmaker through a placement after the end of trading on Monday. The sale is part of Philips' plan to sell its entire holding in TSMC by 2010. The NT$65 sale price was a 3.3 percent discount to Monday's closing price.
The sale reduces Philips' stake in TSMC to 12.8 percent from 16.2 percent, the Dutch company said in a statement.
Cathay Life was among the purchasers of the shares, spokesman of parent Cathay Financial Holding Co (國泰金控), Lee Chang-ken (李長庚), said in a telephone interview. He declined to provide details of the purchase.
The share purchase is not expected to affect Cathay Life's credit ratings, Taiwan Ratings Corp (
"The higher concentration risk appears manageable. Moreover, Cathay Life's capitalization remains at a level commensurate with the ratings," the statement read.
Fubon Life Assurance Co (富邦人壽) was another of the buyers of the stake, Economic Daily News reported, without citing sources.
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