Christopher Leong (梁家鏘), president of Singapore's Transpac Capital (匯亞基金), yesterday took over Gray Wang's (王令麟) chairmanship at the Eastern Multimedia Co (EMC, 東森媒體科技), with the aim of helping the company enter international stock markets, an official of the local cable-TV operator said yesterday.
"Leong's financial expertise and experience with venture-capital businesses will help EMC's development," said Chen Cheng-yi (
Under Leong's leadership, the company hopes to become a listed company in international markets, Chen said, without elaborating on the time frame for this plan.
Before the shareholders' meeting yesterday, Chinese-language media speculated that the company's foreign investors joined forces to squeeze Wang out of the management board, referring to the company's financial loss of around NT$2.7 billion last year.
Chen dismissed that speculation, saying that Wang had long proposed relinquishing his chairman's seat at the cable company, which also owns the Eastern TV (
Wang, who owns 18 percent in the company's shares, on Friday voluntarily offered to step down in order to focus on the media group's global expansion strategies, Chen said.
At that time, Wang announced that he had recommended three suitable candidates to replace him, including Leong, Daniel Tsai (
Leong yesterday secured a majority of votes to be elected as the company's new chairman. Wu remains the company's CEO and president. Transpac Capital owns a 12.5-percent stake in Eastern Multimedia.
Leong, a physicist, followed in his father's footsteps by beginning his own career in the food industry. He later entered the venture-capital business in the 1980s before heading Transpac Capital of Singapore -- one of Asia's largest and oldest private equity fund managers.
Leong told reporters yesterday after the shareholders' meeting that he believed the company's vast re-investments were to blame for its losses. He said he would make improving the company's financial transparency a top priority, before pursuing ways to expand its global presence.
Cairo’s new monorail slices across the city skyline, running above the familiar chaos of blaring horns and aging buses’ exhaust fumes that mark rush hour below. The US$4.5 billion monorail, opened this month, is among Egypt’s most prominent new transport projects, part of a debt-funded infrastructure drive criticized for sapping state finances while bringing limited benefits to most of the country’s 109 million people. “It feels like you’re in a different country,” said Ramy Sayed, a restaurant manager, aboard a driverless Innovia 300 train. “No noise, no traffic, we’re not used to this.” The eastern line runs 56km from the bustling middle-class
Starlux Airlines Co (星宇航空) today unveiled a long-haul network expansion plan at a shareholders’ meeting in Taipei, including direct flights to Barcelona, Spain, and Zurich, Switzerland, as well as a service connecting Taipei, Sydney and New Zealand. Starlux is to become the first Taiwanese carrier to offer non-stop services to the two European cities, while the inaugural oceanic route is expected to expand transit opportunities within the Australia-New Zealand market, Starlux said. Flight services to Chicago, Dallas, Washington and New York are under evaluation, the airline added. Prior to the shareholders’ meeting, the airline earlier this year announced that it would be
Taiwanese prosecutors suspect that three people successfully smuggled at least one shipment of Nvidia Corp artificial intelligence (AI) chips to China after first exporting them to Japan, people familiar with the matter said. The trio was detained last week by the Keelung District Prosecutors’ Office for allegedly falsifying documents related to exports of Super Micro Computer Inc servers containing advanced Nvidia chips, which the US has barred from sale to China without a license from Washington. The move marked Taiwan’s first public crackdown on AI chip diversion after years of pressure from the US to take a more active role in curtailing
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) employee bonuses are likely to grow more than 30 percent this year, in line with the past few years as the company’s profits continue to set new records, an anonymous source cited TSMC chairman C.C. Wei (魏哲家) as saying yesterday. TSMC, the world’s largest contract chipmaker, is committed to taking care of its workers, the source said, citing Wei’s meeting with employees yesterday morning. Wei also expressed gratitude to employees for their contribution to the company’s improving bottom line, the source added. Since 2023, TSMC’s employee bonuses have grown at an annual rate of
RSS