Taiwanese government sells CSC stake
Taiwanese government has taken a further step in reducing its stake at the steel maker
China Steel Corp. (
CSC) last week. By issuing 12 million units of Global Depository Receipts (GDR) the government's shares have been reduced by 2.58%.
The GDR issue is handled by Citigroup and Goldman Sachs jointly. It has been reported that 40% of the GDR went to Asian, 40% to European and 20% to US and other investors.
Such sale was part of the plans of the government to reduce its 40% stake in the Taiwanese steel maker through an unspecified period of time. Another 7%
CSC stake was sold back in 1997 by the government.