Taiwan's Ministry of Finance decided to withdraw a planned NT$52.8 billion (€1.12 billion, US$1.74 billion) worth of Chunghwa Telecom share disposal, and will sell bonds instead to help raise part of the funds for a program on boosting the economy, a Dow Jones report said.
The government had hoped to raise the money by reducing its stake in Chunghwa Telecom, Taiwan's largest phone services provider by revenue, to as little as 30% from 35.65%. This proposal was in part to help fund the NT$120 billion (€2.545 billion) government spending program to support domestic demand at a time of rising prices, the Dow Jones report said.
But some lawmakers have voiced opposition to the share disposal, the ministry said in a statement.
'To respect lawmakers, the ministry agreed to raise the full amount (NT$52.8 billion) by selling bonds,' the statement, quoted by the Dow Jones report, said.
Minister of Finance Lee Sush-der told Dow Jones Newswires on Friday the share sale was facing opposition from some lawmakers who consider Chunghwa Telecom as a good stock that generates good dividend income.