The first stage of Chunghwa Telecom's (
In a written statement, China Trust Commercial Bank (
China Trust received 6,033 bid applications amounting to NT$5.3 billion in guaranteed funds to purchase Chunghwa shares during the bidding period that ran from Wednesday last week to Saturday, said the statement.
However, based on the floor price of NT$104 per share, the bank had expected to receive bids worth at least NT$6 billion in guaranteed funds for the total 3-percent slice of the telecom giant.
The leftover shares will be tacked onto the next phase of the share sell-off, which is a 13-percent public offering via subscription scheduled for next month, according to the statement.
In recent weeks Chunghwa has ridden a rollercoaster of tragedies and trouble with the suspected suicide death of a senior executive on the same day as the announcement of a share floor price, the resignation of the firm's chairman and street protests by employees unhappy with the high-price of the IPO and fearful they may lose their jobs after privatization.
China Trust said that the protests would affect the future operation of the company and that the government's failure to formulate a policy response to their demands or make clear its standpoint on the matter had not instilled resolve in investors to bid for Chunghwa shares.
Another reason cited by China Trust as behind the lack of interest was the fair market valuing of the shares at NT$104, which, said the bank, most analysts believed did not leave much upside for prospective investors. The sheer number of shares slated to be sold off via the auction -- around 289 million -- was simply too large for the market to digest, said the bank. Results of the auction will be announced by China Trust on Friday and will help determine the price of shares to be offered next month via public subscription.
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