07/17/03
NEW YORK, N.Y., July 17, 2003 - The Bank of New York announced today that it has been selected as depositary for the American depositary receipt (ADR) program of Chunghwa Telecom Co. Ltd. Each Chunghwa Telecom ADR represents ten common shares. The ADR trades on the New York Stock Exchange under the symbol "CHT." The company’s shares trade on the Taiwan Stock Exchange.
Chunghwa Telecom is one of the largest telecommunications service providers in Taiwan. According to information in its filings with the Securities and Exchange Commission, Chunghwa Telecom had a market capitalization of approximately $14.3 billion as of March 31, 2003.
The Bank of New York is the world’s largest depositary for American and global depositary receipts, allowing non-U.S. companies to offer dollar-denominated securities to investors worldwide. The Bank currently issues depositary receipts for more than 1,400 programs representing 70 countries and accounts for 67% of all public sponsored depositary receipt programs.
This announcement is not an offer to sell or a solicitation of an offer to buy any securities. The offering is made only by means of the prospectus.
The Bank of New York Company, Inc. (NYSE: BK) is a global leader in securities servicing for issuers, investors and financial intermediaries. The Company plays an integral role in the infrastructure of the capital markets, servicing securities in more than 100 markets worldwide. The Company provides quality solutions through leading technology for global corporations, financial institutions, asset managers, governments, non-profit organizations, and individuals. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has a distinguished history of serving clients around the world through its five primary businesses: Securities Servicing and Global Payment Services, Private Client Services and Asset Management, Corporate Banking, Global Market Services, and Retail Banking. Additional information on the Company is available at www.bankofny.com.
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