Want Want China Prices Taiwan Stock at Top of Range

By Weiyi Lim

April 21 (Bloomberg) -- Want Want China Holdings Ltd., the country’s largest maker of rice cakes, raised NT$3.26 billion ($96.43 million) after selling depositary receipts in Taiwan at the top of the price range.

The company, controlled by Taiwanese billionaire Tsai Eng- meng, sold 210 million Taiwan Depositary Receipts at NT$15.50 each, the company said in a filing to Hong Kong’s stock exchange today. They had been offered at between NT$12.50 and NT$15.50 each, underwriter Grand Cathay Securities Corp. said in a statement April 13. The shares will start trading on April 28.

The Shanghai-based company is the first from the mainland to sell shares on the island’s exchange after Taiwan eased restrictions to boost the capital markets. Taiwan’s regulator in July said it will scrap the rule barring share sales by companies with major stakeholders from China.

Want Want withdrew from its Singapore listing in September 2007 and raised HK$8.15 billion ($1.1 billion) on the Hong Kong exchange in March 2008.

To contact the reporter on this story: Weiyi Lim in Taipei at wlim26@bloomberg.net