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China Steel up on sale deferral
TAIPEI, Taiwan -- Shares in Taiwan's largest steelmaker China Steel are higher Wednesday following the deferral of a $950 million overseas share issue. Taiwan's government, which holds 36.5 percent of China Steel, said last month it planned to sell 12.6 percent in late September. It planned an overseas road show to sell global depositary receipts (GDRs) priced near parity. But cabinet advisor Felice Chen told Reuters news agency on Tuesday that the government had decided to push the share sale back to October after adding Japan to the roadshow. The government plans to conduct a public offering without listing (POWL) in Japan, with other road shows to be held in Hong Kong, Europe and the United States, "Adding POWL in Japan is time-consuming, so we'll choose the best timing to launch the issue after the road shows, probably in late October," Chen said. China Steel shares are 0.4 percent higher to T$27.00 near midday Wednesday. They are up more than 40 percent this year. The funds raised from the sale of the GDRs will be used to help Taiwan cut its budget deficit. Analysts expect the GDRs to be priced at a small discount to market price, similar to the 1.6 percent discount offered in August in a domestic share auction, Reuters reported.
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