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Technology Stocks : Applied Materials No-Politics Thread (AMAT) -- Ignore unavailable to you. Want to Upgrade?

To: Proud_Infidel who wrote (3250)	9/25/2002 8:18:59 AM
From: Proud_Infidel	Respond to of 25522

TSMC files for secondary ADR issue Wednesday September 25, 6:54 am ET TAIPEI, Sept 25 (Reuters) - Taiwan's stock market regulator said on Wednesday Taiwan Semiconductor Manufacturing Co (TSMC) (NYSE:TSM - News) had filed to sell 18.6 million American Depositary Receipts (ADRs) involving shares now in circulation. TSMC estimated the value of the ADR sale at US$186 million, or US$10 per ADR, the Securities and Futures Commission said in a statement. However, the company's U.S.-traded stock ended at US$6.62 on Wednesday and such offerings are usually made at a discount to the market price. The company has said it aims to gradually raise the proportion of the company's stock traded in the United States to 15-25 percent, in line with other international firms. In February, TSMC sold 52 million ADRs in a secondary issue on behalf of the government's Development Fund and National Stabilisation Fund at $16.75, a 1.3 percent discount to its previous day's close on Wall Street. Common shares in TSMC, the world's largest contract chipmaker, fell T$0.30, or 0.71 percent to T$42.00 on Wednesday. The Securities and Futures Commission said the filing was made on behalf 17 shareholders seeking to sell their total holdings of 93.02 million common shares in the U.S. market. Goverment funds were not among the sellers, it said. The sales complete a plan to sell no more than 0.5 percent of TSMC's total outstanding common shares in the form of ADRs, which was passed by firm's board of directors in August, a company official said. The Netherland's Philips Electronics NV (Amsterdam:PHG.AS - News) is one of TSMC's largest shareholders. (US$1 = T$34.8)