The government sold 1.2 percent of the total shares on offer on the second day of a NT$25 billion (US$719 million) auction of a stake in Chunghwa Telecom Co (
The government said it sold 6.2 million shares in the nation's biggest phone company at an average price of about NT$50 a share, raising NT$310 million. Yesterday it sold 22.45 million shares, raising NT$1.13 billion.
After two days, the government still has 471 million unsold shares out of the 500 million it is offering in Chunghwa Telecom.
The auction continues for another four trading days.
The government, which owns more than 80 percent of Chung-hwa Telecom, failed last month to sell 100 million shares in the former monopoly. The government tried four times last year to sell a stake in Chunghwa Telecom to overseas investors, aborting its plans after it became clear investors weren't prepared to meet its price targets as global stock markets plunged.
The company has been a tough sell because of rivalry in the world's densest mobile-phone market and a global slump in the telecommunications industry. Chunghwa commands a 32 percent share of the domestic mobile phone market with 7.42 million customers.
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