FarEastone Telecom FET, Taiwan's second largest cellular operator by number of subscribers, surprised the Asian equity markets yesterday January 12 with a 7.33 million unit GDR offering. The deal was timed to take advantage of positive share price momentum following news that FET has purchased a 55.3% stake in telecommunications equipment designer Arcoa Communications.
However in the absence of a regulatory filing, the deal was also unexpected. Its accelerated passage to market was made possible because of considerable flowback to Taiwan from the group's debut GDR of June 2004. This meant that lead manager Goldman Sachs could simply re-issue units off the original programme.
The...
