The Bank of New York Appointed as Depositary Bank by Chunghwa Telecom Co. Ltd. for its Secondary Offering of ADRs
Offering is the Largest Depositary Receipt-Based Capital Raising Transaction of the Past DecadeNEW YORK, August 16, 2005 -- The Bank of New York, a global leader in securities servicing, has been selected by Chunghwa Telecom Co. Ltd. (Chunghwa) as the depositary bank for its secondary offering of American depositary receipts (ADRs). Each Chunghwa ADR represents ten ordinary shares. The ADRs trade on the New York Stock Exchange under the symbol "CHT," and the ordinary shares trade on the Taiwan Stock Exchange.
According to Chunghwa's 2004 annual report, the company is the largest telecommunications service provider in Taiwan and has the largest market share in each of its key business lines. Chunghwa provides a full range of telecommunication and information-related services, covering fixed-line services, wireless services, and Internet and data services.
Christopher Sturdy, managing director and Head of The Bank of New York's Depositary Receipt Division, said, "This is truly a landmark transaction, with $2.56 billion in ADRs being offered to the U.S. marketplace. ADRs are an effective capital-raising tool for companies around the world, providing direct, streamlined access to U.S. retail and institutional investors. We are pleased that Chunghwa chose to partner with us on this notable transaction and look forward to providing the company with innovative products and services."
The Bank of New York sponsors more than 1,190 American and global depositary receipt programs, a 64% market share, acting in partnership with leading companies from 60 countries. With an unrivalled commitment to helping securities issuers succeed in the world's rapidly evolving financial markets, the Bank delivers the industry's most comprehensive suite of integrated depositary receipt, corporate trust and stock transfer services. Additional information is available at www.adrbny.com.
The Bank of New York has been conducting business in the Asia-Pacific region for over 50 years. The Company has 17 offices in 12 countries in the region, including full-service branches in Shanghai, Tokyo, Hong Kong, Singapore, Seoul, and Taipei, and employs over 1,500 staff.
The Bank of New York Company, Inc. (NYSE: BK) is a global leader in providing a comprehensive array of services that enable institutions and individuals to move and manage their financial assets in more than 100 markets worldwide. The Company has a long tradition of collaborating with clients to deliver innovative solutions through its core competencies: securities servicing, treasury management, investment management, and individual & regional banking services. The Company's extensive global client base includes a broad range of leading financial institutions, corporations, government entities, endowments and foundations. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has consistently played a prominent role in the evolution of financial markets worldwide. Additional information is available at www.bankofny.com.
The Bank of New York provides no advice nor recommendation or endorsement with respect to any company or security. Nothing herein shall be deemed to constitute an offer or solicitation of an offer to buy or sell securities.
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