The Ministry of Finance said it will auction 69,39 million shares, or 23.1 percent, of Central Reinsurance Co (中央再保) on July 9-11 to lessen its ownership of the state-owned re-insurer, the ministry said in a statement.
Through the stake sale, the ministry will cut its holding of the company to nearly 48 percent from the current 71 percent.
The ministry said it has hired President Securities Corp (統一證券) to manage the auction, which is estimated to be worth NT$725.1 million, based on the re-insurer's closing price of NT$10.45 per share at the Taiwan Stock Exchange yesterday.
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