Fubon Financial launches up to $886 mln Taiwan offering - IFR
HONG KONG, July 2
HONG KONG, July 2 (Reuters) - Fubon Financial Holding Co Ltd , the parent of Taiwan's No.2 life insurer, launched a share offering valued at up to $886 million, IFR reported on Tuesday, citing a term sheet of the deal.
The company is offering 69.8 million global depositary receipts (GDR) in an indicative range of NT$36.51-$38.07 each, added IFR, a Thomson Reuters publication. Each GDR is equivalent to 10 Fubon Financial shares, putting total the deal at up to NT$26.6 billion ($886 million).
JPMorgan was hired as sole global coordinator for the offering, IFR said. ($1 = 29.9930 Taiwan dollars) (Reporting by Fion Lau of IFR; Writing by Elzio Barreto; Editing by Jeremy Laurence)