You are currently here: News » Industry » TAIWAN: Formosa delays FPC share sale due to declining ...
Section: Rubber
  • Written on 23.07.2013 - Industry
  • You have these options:
    • Print this article
    • Article as PDF

TAIWAN: Formosa delays FPC share sale due to declining stock market

Formosa Plastics Group (FPG), citing the declining stock price for its Formosa Petrochemical Corp. (FPC) subsidiary, has decided to postpone plans to sell 571.56 million shares of FPC, according to Taipei Times, which cited FPG General Administration Director Ho Shui-wen.

FPG affiliates Nan Ya Plastics Corp., Formosa Plastics Corp. and Formosa Chemicals & Fibre Corp. had each planned to sell 190.52-million FPC shares, representing 2% of their holding in FPC, by the end of June 2013. The sale of shares had been expected to raise USD1.67-billion.

“The termination of the U.S.’ quantitative easing policy and the low money supply in China have caused stock markets around the world to fall, making it unwise for us to sell stock at this moment,” noted Ho.

FPC’s share price has dropped from between NT$80 and NT$90 early this year to NT$70 recently, he said, adding FPG will wait for a better time to sell.

Source: Weekly "PetroChemical News", Durham, NC, USA; 15 July 2013
(Syed Rashid Ali, Karachi, Pakistan)


RSS Feed

Are you new here? Do you want to be always up to date?
Then subscribe to our RSS Feeds and never miss a news again.