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Taiwan's Cathay Fin to raise about $1.6 bln via preferred shares-sources
October 12, 2016 / 3:37 AM / a year ago

Taiwan's Cathay Fin to raise about $1.6 bln via preferred shares-sources

TAIPEI, Oct 12 (Reuters) - Cathay Financial Holding , the parent of Taiwan’s largest life insurer, plans to raise T$49.998 billion ($1.6 billion) through an issue of preferred shares, two sources with direct knowledge of the matter said on Wednesday.

Cathay will sell the shares at T$60 each, giving an annual dividend yield of 3.8 percent, said the sources, who asked to speak on the condition of anonymity as the matter has not been made public.

When contacted, Cathay Financial said it has made an application to Taiwan regulators for a share sale, without elaborating on the details. (Reporting by Emily Chan; Writing by Faith Hung; Editing by Muralikumar Anantharaman)

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