Taiwan's Tatung prices GDRs at 15.2% discount

Taiwan conglomerate Tatung Co has raised $197.5 million from the sale of global depositary receipts, which it will use to buy raw materials and for long-term equity investments, including its Tatung InfoComm subsidiary. TIC is the first operator in Taiwan to have launched 4G WiMax services, which the company says will provide better functionality at a lower cost than the more widely available 3.5G technology.

Tatung, which among other things makes digital consumer electronics, home appliances and displays and is active in real estate, is loss-making. And one of its subsidiaries, Chunghwa Picture Tubes, was in the market two months ago to fill a hole in its accounts, which may have...