The controlling shareholders of Taiwan oil refiner Formosa Petrochemical have raised NT$10.52 billion $350 million from the sale of a small portion of their combined stake in the company.
The transaction was completed in the early hours of Friday morning Hong Kong time following a lengthy discussion about the final deal size. In the end, it was partially upsized but priced at the bottom of the indicated range for a 5% discount to Thursday’s close.
The three sellers, which are all part of the Formosa Plastics Group, offered 129.6 million shares, with an option to sell a further 25.2 million shares in case of strong demand....
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