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Taiwan says to issue rules on private placements |
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World Posted On Friday, July 30, 2010 | Agencies
Taipei, July 30:
Taiwan's top financial regulator said on Friday that it will issue new rules on allowing companies to raise money via private placements amid growing criticism some firms sold their shares at major discounts via private sales.
Companies that post profits in the previous year will be banned from private placements, said the Financial Supervisory Commission after a public hearing.
A slew of firms had recently sold shares at discounts to their current prices, sparking concerns the fundraising was used to benefit major sharesholders.
''These new rules will be finalised in the next two weeks and they will apply to current applications,'' said Lee Chi-hsien, director general of the Securities and Futures Bureau.
Between January and June, 77 local companies raised T$58.64 billion ($1.8 billion) via private placements, according to the FSC. There were a total of 163 fundraisings during the period.
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Friday, September 03, 2010