Chunghwa sale completes privatization

TAIPEI, Taiwan, Aug. 15 (UPI) -- Taiwanese Chunghwa Telecom has finalized its move toward privatization with a $2.6 billion sale of a 14-percent stake in the company to U.S. investors.

Along with the sale of a 3-percent stake to domestic investors, the sale, announced after the close of trading at the New York Stock Exchange Tuesday, brought the government's holdings in the company from 65 percent to about 48 percent, the Taipei Times reported.

"Investors have welcomed the privatization of Chunghwa Telecom as it will help reduce personnel costs and streamline company operations, enhancing its competitiveness. I expect its share price will gradually climb in the near term," said Lu Chia-lin, an analyst with Yuanta Core Pacific Securities.