Taiwanese operator Chunghwa Telecom raised $985m (£527m) through a sale of American Depository Receipts (ADRs), the company said Thursday.

The company sold 56.43 million ADRs, mostly on behalf of Taiwan’s Ministry of transportation and Communications (MoTC) and Taiwan Mobile.

The move will reduce the MoTC’s stake in Chunghwa Telecom to 36.12 per cent from 42.21 per cent at present.

Meanwhile, Taiwan Mobile is seeking to offload its entire 6 per cent holding in the company.