Taiwan government plans to raise $710 million from TSMC stock sale next year: sources

TAIPEI Thu Aug 21, 2014 12:32am EDT

Investors sit in front of the logo of Taiwan Semiconductor Manufacturing Co Ltd (TSMC) during an investors' conference in Taipei April 17, 2014.   REUTERS/Pichi Chuang

Investors sit in front of the logo of Taiwan Semiconductor Manufacturing Co Ltd (TSMC) during an investors' conference in Taipei April 17, 2014.

Credit: Reuters/Pichi Chuang

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TAIPEI (Reuters) - Taiwan's government plans to sell 177 million shares of TSMC (2330.TW) next year to raise T$21.3 billion ($710 million), part of a broader move to help repay its debts, two sources with close knowledge of the situation said on Thursday.

The government hopes to raise a total of T$64.6 billion from sales of its various share holdings, according to the sources, who declined to be identified as the matter is yet public.

Other stocks the government will off-load included 367 million shares of Mega Financial (2886.TW) and 155 million shares of Chunghwa Telecom (2412.TW), they said.

Taiwan Semiconductor Manufacturing Co (TSMC), the world's top contract chip maker, is among the Asian shares which are most popular with foreign investors.

The plan comes after Taiwan cabinet agreed on a fiscal year budget recently that would result in an deficit of T$152.2 billion for 2015.

(Reporting by Jeanny Kao; Writing by Faith Hung; Editing by Kim Coghill)

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