Chunghwa Telecom Co (中華電信), the nation's largest provider of telephone services, selected Goldman Sachs Group Inc, UBS AG and Morgan Stanley to arrange an American depositary receipt sale (ADR), it said in an e-mailed statement released late on Sunday.
Chunghwa Telecom, based in Taipei, said last month it planned to sell an 8 percent stake, or 773.4 million shares, owned by the government and shareholder Taiwan Mobile Co (台灣大哥大) to overseas and local investors. The stake is valued at NT$42.15 billion (US$1.28 billion), based on Chunghwa Telecom's closing price of NT$54.50 yesterday.
The stock has fallen 2.3 percent this year, compared with a 4 percent gain in the benchmark TAIEX Index.
The overseas and domestic sales will take place simultaneously, with different pricings determined by a government committee, Chunghwa said in the statement.
The domestic sale will be conducted in the form of an auction after markets close, the company said, without providing details on the number of shares it will sell locally and overseas or when the sales will take place.
The stake to be sold by Chunghwa comprises 7.4 percent owned by the government and Taiwan Mobile's 0.6 percent. Chunghwa Telecom's board in June approved a plan to sell ADRs on behalf of the government, which owns 41 percent of the company and needs funds to cover rising debt.
The demise of the coal industry left the US’ Appalachian region in tatters, with lost jobs, spoiled water and countless kilometers of abandoned underground mines. Now entrepreneurs are eyeing the rural region with ambitious visions to rebuild its economy by converting old mines into solar power systems and data centers that could help fuel the increasing power demands of the artificial intelligence (AI) boom. One such project is underway by a non-profit team calling itself Energy DELTA (Discovery, Education, Learning and Technology Accelerator) Lab, which is looking to develop energy sources on about 26,305 hectares of old coal land in
Taiwan’s exports soared 56 percent year-on-year to an all-time high of US$64.05 billion last month, propelled by surging global demand for artificial intelligence (AI), high-performance computing and cloud service infrastructure, the Ministry of Finance said yesterday. Department of Statistics Director-General Beatrice Tsai (蔡美娜) called the figure an unexpected upside surprise, citing a wave of technology orders from overseas customers alongside the usual year-end shopping season for technology products. Growth is likely to remain strong this month, she said, projecting a 40 percent to 45 percent expansion on an annual basis. The outperformance could prompt the Directorate-General of Budget, Accounting and
Netflix on Friday faced fierce criticism over its blockbuster deal to acquire Warner Bros Discovery. The streaming giant is already viewed as a pariah in some Hollywood circles, largely due to its reluctance to release content in theaters and its disruption of traditional industry practices. As Netflix emerged as the likely winning bidder for Warner Bros — the studio behind Casablanca, the Harry Potter movies and Friends — Hollywood’s elite launched an aggressive campaign against the acquisition. Titanic director James Cameron called the buyout a “disaster,” while a group of prominent producers are lobbying US Congress to oppose the deal,
Two Chinese chipmakers are attracting strong retail investor demand, buoyed by industry peer Moore Threads Technology Co’s (摩爾線程) stellar debut. The retail portion of MetaX Integrated Circuits (Shanghai) Co’s (上海沐曦) upcoming initial public offering (IPO) was 2,986 times oversubscribed on Friday, according to a filing. Meanwhile, Beijing Onmicro Electronics Co (北京昂瑞微), which makes radio frequency chips, was 2,899 times oversubscribed on Friday, its filing showed. The bids coincided with Moore Threads’ trading debut, which surged 425 percent on Friday after raising 8 billion yuan (US$1.13 billion) on bets that the company could emerge as a viable local competitor to Nvidia
RSS