Asustek Computer, the largest shareholder in Taiwan’s Pegatron Corp, on Friday sold close to 20% of its stake in the company, raising NT$4.66 billion $157 million in the process.
Taiwan-listed Asustek, which makes computers and other electronics products under the Asus brand, has wanted to trim its stake in Pegatron since 2011 and after a 24.2% gain so far this year, the share price was finally at a level where it was happy to sell. The stock closed at a 52-week high of NT$47.50 on Thursday last week, but fell 1.8% on Friday.
When a shareholder that owns more than 10% of a Taiwan-listed company...
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