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Development Fund to sell big
STAFF WRITER
Tuesday, May 07, 2002, Page 18
A Taiwan government fund to promote the country's investments plans to sell NT$600 billion (US$17 billion) of holdings this year to pad state coffers, the Chinese-language Economic Daily News reported yesterday, citing government proposals.
The Cabinet's Development Fund (開發基金) will sell its entire 40 percent stake in China Steel Corp (中鋼), the country's largest steelmaker, and a 44 percent stake in Taiwan Fertilizer Co (台肥), the report said.
It also plans to sell shares in Chang Hwa Commercial Bank (彰化銀行), First Commercial Bank (第一銀行), Hua Nan Financial Holdings Co (華南金控), Chiao Tung Bank (交通銀行) and Yang Ming Marine Transportation Corp (陽明海運), the report said.
The proceeds will help counter an NT$80.7 billion drop in revenue forecasted in this year's budget.
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