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State military aircraft firm leaps into private sector

TAIPEI -- The state-owned Aerospace Industrial Development Corp. went public in Taipei yesterday in the biggest move in a decade by the government to privatize state enterprises.

The company, which develops and manufactures military aircraft, listed on the Taiwan Stock Exchange with 53.98 percent of its shares up for sale.

The shares went on sale at a premium of NT$16.84 (US$0.55).

The stock sale is expected to add NT$9.34 billion to the national coffers.

The initial public offering by the Taichung-based company was approved by the Taiwan Stock Exchange Corp. in May.

On its first day of trading, the shares soared 78 percent to close at NT$30, with 127,086,000 shares changing hands.

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