TFN sells 600 million shares to Fubon Financial and QFFIs

TFN sells 600 million shares to Fubon Financial and QFFIs

January 30, 2016

Taiwan’s second largest operator of mobile communication service, Taiwan Mobile (TWM) announced this week that its subsidiary, Taiwan Fixed Network (TFN), sold 600 million shares of TWM’s common stock at NT$45.2 (US$1.4) per share. This is approximately equivalent to a stake ratio of 6%. 300 million of the shares went to qualified foreign institutional investors (QFIIs). The other 300 million were sold to Fubon Financial Holding.

The Taiwan stock exchange reported that Chairman and Director of Fubon Financial, Daniel Tsai and Richard Tsai respectively, were the buyers on behalf of the company, which is owned and operated mainly by the Tsai family.

Richard Tsai is currently chairman of TWM; this stock acquisition has increased Fubon Financial’s holdings in TWM to nearly 25%, helping to reinforce their right to operate TWM.

TWN would not give any indication of how many QFIIs purchased the other 300 million shares, or of who any of the QFIIs are. However, stock experts guess that Goldman Sachs should be the only investor, or one of a few.

timyeo

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