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Au Optronics to offer new shares
STAFF WRITER
Tuesday, May 07, 2002, Page 18
Au Optronics Corp (友達光電), the third-largest maker of flat-panel displays, will today begin selling as many as 500 million new shares overseas, said bankers involved in the sale. The new shares were worth at least NT$23.8 billion (US$689 million) at yesterday's close.
The shares, up 48 percent to NT$47.60 since the sale was announced on Dec. 10, are due to price next week, bankers said. Investors may pay more than the local price as restrictions on buying stock in Taiwan often lead to a premium on shares traded abroad.
Overseas investors with less than US$200 million can't buy and sell Taiwanese companies' shares on the domestic market. Taiwan Semiconductor Manufacturing Co's (台積電) American depositary receipts have enjoyed an average 48 percent premium to the underlying shares for the past 12 months, according to Bloomberg analytics.
Au Optronics hired Salomon Smith Barney Inc to sell the shares. CLSA Ltd, UBS Warburg and others are involved in the sale. Officials from the banks declined to comment.
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