China Electric shares rise on Chi Mei investment

China Electric Manufacturing Corp., a Taiwan maker of lighting products, climbed by the daily limit in Taipei trading after Chi Mei Optoelectronics Corp. said it paid a premium of almost 7 percent for a stake in the company.

China Electric climbed 6.7 percent to NT$19.05 at the close of trade in Taipei, the largest gain since March 25. That compared with a 1.8 percent decline in the benchmark Taiex index. Volume of 7.3 million shares was more than four times the stock's 90-day moving average.

Chi Mei Optoelectronics said it paid around 7 percent more per share than China Electric's June 18 closing price for a 3.4 percent stake in the Taipei-based company.