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BULLETIN: Fubon Financial Holding Co. Ltd. Not Affected by Citigroup Share Sale

 
2004/11/19



Analyst

Connie Wong
Eunice Fan
Mei Chiang

Taiwan Ratings said today that its ratings on Fubon Financial Holding Co. Ltd. (Fubon FHC, twAA-/Stable/twA-1) would not be affected by a recent sale of global depository shares (GDS) in the company by one of its major shareholders, Citigroup (rated AA-/Stable/A-1+ by Standard & Poor's Rating Services). The sale is not likely to have any material impact on the Fubon FHC group's business strategies or profile.

Citigroup sold 40 million Fubon FHC GDS with the underwriter having an option to buy an additional 12 million GDS. The prospective total of 52 million GDS would be equivalent to a 7% of the outstanding shares in Fubon FHC. If the option is exercised, Citgroup's stake in Fubon FHC will fall to about 2.7%, according to Fubon FHC. Earlier this year, Citigroup's stake in Fubon FHC stood at 11.3% of the outstanding shares in the company.

Analytic services provided by Taiwan Ratings Corporation (TRC) are the result of separate activities designed to preserve the independence and objectivity of ratings opinions. The credit ratings and observations contained herein are solely statements of opinion and not statements of fact or recommendations to purchase, hold, or sell any securities or make any other investment decisions. Accordingly, any user of the information contained herein should not rely on any credit rating or other opinion contained herein in making any investment decision. Ratings are based on information received by TRC. TRC has established policies and procedures to maintain the confidentiality of non-public information received during the ratings process.



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