TAIWAN: Far Eastern Textile Issues GDRs, Invests $50m In China
Far Eastern Textile Ltd, a large manufacturer listed on the Taiwan Stock Exchange, will issue global depositary receipts equivalent to 200 million new shares to raise NT$5-NT$6bn as funds for its planned merger activities. The company's board made the decision on the GDR issuance at a meeting held on Wednesday. The fund is aimed at providing the finance for the group to merge its domestic and overseas textile manufacturers with FarEasTone Telecommunications Co, Ltd, a local operator of mobile phone services of which Far Eastern Textile is the largest shareholder.
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