Taiwan Star Telecom Corp (台灣之星), the nation’s latest 4G entrant, is on track to complete its NT$10 billion (US$305.7 million) fundraising target as major stakeholder Cathay Financial Holding Co (國泰金控) yesterday pledged to subscribe a considerable amount of its new offerings.
Taiwan Star’s board earlier this month approved the fundraising plan to sell 1 billion new shares via rights issued to finance its investment in 4G network construction and on bidding for more 4G bandwidth later this year.
The National Communications Commission is scheduled to hold an auction to release 2,600 megahertz of 4G bandwidth at a floor price totaling NT$14.4 billion.
The 4G service provider, 52 percent owned by food conglomerate Ting Hsin International Group (頂新國際集團), has 20 billion capital shares.
Cathay Financial, which holds about a 20 percent stake in the telecoms operator via its subsidiaries, yesterday said its life insurance arm, Cathay Life Insurance Co Ltd (國泰人壽), would subscribe 100 million new shares issued by Taiwan Star.
Cathay Life Insurance is also to buy 20 million Taiwan Star shares from Cathay Century Insurance Co (國泰世紀產險), which is an insurance arm of the nation’s biggest finical service provider, according to a separate statement filed with the Taiwan Stock Exchange.
“We will continue to subscribe to more new shares of Taiwan Star to keep our current holdings. We still think its 4G service is a promising business,” Cathay Financial vice president Teng Chung-yi (鄧崇儀) told a media briefing yesterday.
Cathay Real Estate Development Co (國泰建設) also said in a filing with the Taiwan Stock Exchange that it would buy 65 million new Taiwan Star shares and another 30 million Cathay Century Insurance shares.
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