First Financial completes GDR

Taiwanese bank becomes the first from the government-owned sector to raise re-capitalization funds through the international equity markets.

Jackie Horne

July 23, 2003

First Financial Holdings priced a debut GDR after Taiwan's close on Wednesday, raising $515 million from the sale of 50 million units at $10.30 a piece. This represented a 12.3% discount to the stock's NT$20.2 close in Taiwan, the upper end of a pre-marketed range between NT$17.50 and NT$17.75.

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