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Funds raised by local firms in capital market up over 50%
Central News Agency
2014-06-19 12:36 PM
Taipei, June 19 (CNA) The Taiwan Stock Exchange (TWSE) said Thursday that funds raised by local enterprises in capital markets at home and abroad as of the end of May had increased more than 50 percent from a month earlier, with market analysts attributing the increase to ample liquidity in the global financial markets. Analysts said firms also tended to go to the capital markets to seek funds at a time when the global equity markets have staged a strong technical rebound by hitting repeatedly fresh highs, which have made it easier for enterprises to raise funds. According to statistics compiled by the TWSE, local enterprises had raised a total of NT$175.7 billion (US$5.86 billion) as of the end of May, up 50.1 percent from the end of April. During the one-month period, local firms' fundraising in global markets grew about NT$58.6 billion, including NT$12 billion raised through secondary public offerings (SPOs), NT$12.6 billion through issuance of global depositary receipts and NT$28.4 billion through sales of corporate bonds, the exchange said. The TWSE said that due to growing economic globalization, local enterprises have been good at taking advantage of an increase in fund raising channels in the world's financial markets. The exchange said local companies have been encouraged to seek local and foreign fund raising channels based on their own financial needs, as such fundraising activity is expected to bring in new shareholders to accelerate future growth. The TWSE said the fundraising size is expected to continue to grow over the next two to three months as several initial public offerings and SPO projects have been planned. (By Tien Yu-pin and Frances Huang)
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