TAIWAN: Formosa delays FPC share sale due to declining stock market

FPG affiliates Nan Ya Plastics Corp., Formosa Plastics Corp. and Formosa Chemicals & Fibre Corp. had each planned to sell 190.52-million FPC shares, representing 2% of their holding in FPC, by the end of June 2013. The sale of shares had been expected to raise USD1.67-billion.

"The termination of the U.S.' quantitative easing policy and the low money supply in China have caused stock markets around the world to fall, making it unwise for us to sell stock at this moment,” noted Ho.

FPC's share price has dropped from between NT$80 and NT$90 early this year to NT$70 recently, he said, adding FPG will wait for a better time to sell.

Source: Weekly "PetroChemical News", Durham, NC, USA; 15 July 2013
(Syed Rashid Ali, Karachi, Pakistan)