The government yesterday sold some 330 million shares of the state-run China Steel Corp (中鋼) during the last day of its three-day auction, the Taiwan Stock Exchange Corp said in a statement.
The three-day sale attracted bids by investors for about 336.8 million shares, or 59.9 percent of the amount the government aimed to unload, the statement said.
After selling just 1.2 percent of the stake during the first two days due to a comparatively high floor price, the government yesterday offered the shares at NT$24.20 as a minimum price, a 1.6 percent discount on their closing price of NT24.60 on the TAIEX.
The average price of shares bid yesterday was NT$24.33.
In the course of the three-day sale, the government, which owns a 40 percent stake in the nation's largest steel maker, pocketed NT$8.19 billion.
While there are still 240 million shares of China Steel left untapped in the auction, market watchers said the brisk sale on the last day showed that China Steel is still a good investment target.
"It was quite a successful auction since investors were willing to buy the stake with a price almost the same as the market price," said Stanley Yeh (
A major reason for the optimism is the rejuvenation of the steel market, Yeh said. China Steel has forecast to generate NT$36.5 billion profits this year, a record high for the company, Yeh added.
China Steel is currently paying a cash dividend of NT$1.4 a share and NT$0.15 a share for every one share held. It may raise the cash portion of the dividend to more than NT$3 a share next year, a government statement said.
The Eurovision Song Contest has seen a surge in punter interest at the bookmakers, becoming a major betting event, experts said ahead of last night’s giant glamfest in Basel. “Eurovision has quietly become one of the biggest betting events of the year,” said Tomi Huttunen, senior manager of the Online Computer Finland (OCS) betting and casino platform. Betting sites have long been used to gauge which way voters might be leaning ahead of the world’s biggest televised live music event. However, bookmakers highlight a huge increase in engagement in recent years — and this year in particular. “We’ve already passed 2023’s total activity and
Nvidia Corp CEO Jensen Huang (黃仁勳) today announced that his company has selected "Beitou Shilin" in Taipei for its new Taiwan office, called Nvidia Constellation, putting an end to months of speculation. Industry sources have said that the tech giant has been eyeing the Beitou Shilin Science Park as the site of its new overseas headquarters, and speculated that the new headquarters would be built on two plots of land designated as "T17" and "T18," which span 3.89 hectares in the park. "I think it's time for us to reveal one of the largest products we've ever built," Huang said near the
China yesterday announced anti-dumping duties as high as 74.9 percent on imports of polyoxymethylene (POM) copolymers, a type of engineering plastic, from Taiwan, the US, the EU and Japan. The Chinese Ministry of Commerce’s findings conclude a probe launched in May last year, shortly after the US sharply increased tariffs on Chinese electric vehicles, computer chips and other imports. POM copolymers can partially replace metals such as copper and zinc, and have various applications, including in auto parts, electronics and medical equipment, the Chinese ministry has said. In January, it said initial investigations had determined that dumping was taking place, and implemented preliminary
Intel Corp yesterday reinforced its determination to strengthen its partnerships with Taiwan’s ecosystem partners including original-electronic-manufacturing (OEM) companies such as Hon Hai Precision Industry Co (鴻海精密) and chipmaker United Microelectronics Corp (UMC, 聯電). “Tonight marks a new beginning. We renew our new partnership with Taiwan ecosystem,” Intel new chief executive officer Tan Lip-bu (陳立武) said at a dinner with representatives from the company’s local partners, celebrating the 40th anniversary of the US chip giant’s presence in Taiwan. Tan took the reins at Intel six weeks ago aiming to reform the chipmaker and revive its past glory. This is the first time Tan
RSS