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Chunghwa Telecom to buy Senao stake

Chunghwa Telecom to buy Senao stake

Chunghwa Telecom Co., Taiwan's largest telephone operator, said it will buy as much as 32.5 percent of cell-phone distributor Senao International Co. to expand its services.
The company will buy as many as 72.52 million Senao shares at NT$15.10 each, Taipei-based Chunghwa Telecom said in a statement today. That values the purchase at NT$1.1 billion, according to data compiled by Bloomberg. The offer is a 47 percent discount to Senao's closing price of NT$28.40 yesterday.
"We've been discussing this for a long time and the major shareholder promised to sell at that price," Shen Fu-fu, a spokeswoman for Chunghwa Telecom, said by telephone, declining to identify the shareholder. Chunghwa Telecom, which doesn't own Senao shares, will be able to extend service hours to customers through the phone distributor's retail outlets, said Shen.
The public tender offer is from December 28 to January 8 and the transaction is expected to close January 15, the statement said.


Updated : 2021-06-17 11:41 GMT+08:00