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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: StanX Long who wrote (59844)	2/1/2002 2:17:20 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

Taiwan Sells $871 Million of TSMC Shares Overseas (Update2) By Paul Scanlon 01/31 23:46 quote.bloomberg.com Taipei, Feb. 1 (Bloomberg) -- Taiwan's government and the management of Taiwan Semiconductor Manufacturing Co. raised $871 million selling a 1.5 percent stake in the company overseas, with most of the proceeds earmarked to reinforce the island's coffers. The shares of the biggest manufacturer of made-to-order chips were sold in the form of American depositary receipts and priced at $16.75 each, said John Daly, co-head of equity capital markets at the sale's underwriter Goldman Sachs Group Inc. That's a discount of 1.3 percent from their close yesterday of $16.97. ``If you're overseas and want access to chipmakers, TSMC is one of the better ones,'' said Yvonne Leung, who manages technology company investments at Towry Law (Asia) Ltd. in Hong Kong and is a TSMC shareholder. Proceeds of the sale, in which Merrill Lynch & Co. was involved, will help counter a NT$80.7 billion ($2.3 billion) drop in revenue to President Chen Shui-bian's government from Taiwan's 2002 budget. TSMC's overseas traded shares, which have risen about 6 percent since the company requested permission from regulators on Dec. 22 to sell more, have nearly doubled since the end of September on optimism investments in advanced chips will boost profit.