Taiwanese government sold CSC share to cover deficit
According to market reports, on October 14 Taiwanese government sold its 12.7% share in country's largest steelmaker
China Steel Corp. (
CSC) against $936 million to foreign investors which currently hold 23% of the company. With this move, the government brought its share in
CSC down to 23.8%.
It is reported that government sold its shares by issuing 60.16 million units of global depositary receipt (GDP), in order to offset a fiscal deficit. Back in May 2003, Taiwanese government again issued 12 million GDRs which resulted with a reduction of 2.58% in shares.