Taiwan's Ministry of Finance said Sunday it has decided to withdraw a planned NT$52.8 billion (US$1.74 billion) worth of Chunghwa Telecom share disposal, and will sell bonds instead to help raise part of the funds for a program on boosting the economy.

The government had hoped to raise NT$52.8 billion by reducing its stake in Chunghwa Telecom, Taiwan's largest phone services provider by revenue, to as low as 30% from 35.65%, in part to help fund the NT$120 billion government spending program aimed at supporting domestic demand at a time of rising prices.

But some lawmakers have voiced opposition to the share disposal, the ministry said in a statement Sunday.

"To respect lawmakers, the ministry agreed to raise the full amount (NT$52.8 billion) by selling bonds," it said.

Minister of Finance Lee Sush-der told Dow Jones Newswires on Friday the share sale was facing opposition from some lawmakers who consider Chunghwa Telecom as a good stock that generates good dividend income.

The minister's comments Friday sent the island's benchmark 10-year bond yield to a four-year high of 2.8310% at the session close.

Source:Dow Jones Newswires