Bank stake sale to service record Taiwan debt | SCMP
Submitted by loner on 27 October, 2008 - 1:13pm
Taiwan plans to auction about a third of International Commercial Bank of China on Wednesday to raise funds to pay debt.
KGI Securities will manage the sale of 1.19 billion shares owned by the Taiwan Development Fund, a stock exchange statement said. The shares are worth about NT$24 billion (about HK$5.37 billion) based on the lender's share price yesterday.
Taiwan's government owns 41 per cent of the island's seventh-largest lender by assets.
The government has been seeking to sell shares in companies such as China Steel and First Commercial Bank to raise funds to refinance record debt of more than NT$3 trillion. more
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