Cathay Financial Holdings returned to the GDR market for the first time in over a year yesterday November 11 with a $495 million GDR via its house bank JPMorgan. After marketing the 254.9 million share deal at a 2% to 4% discount to spot, pricing came towards the cheaper end - 3.8% to the stock's NT$66.5 close. One GDR equals 10 shares.
The deal represents 3% of the company's issued share capital and a fairly slim 12 days trading volume. Pre-deal, the group had a freefloat of 45%. It has now cleared out all the treasury shares created as a result of the establishment of a financial holding company...
