Fri, Oct 10, 2003 - Page 11 News List

Business Brief

AGENCIES

Mitsubishi wins incinerator deal

Japan's biggest heavy machinery maker Mitsubishi Heavy Industries Ltd announced yesterday that it has received an order from Taiwan for a large-scale waste-incineration and power-generation plant.

Under the deal worth ¥7 billion (US$64 million), Mitsubishi Heavy will be in charge of engineering work, including basic design of the plant, and supplying incinerators and boilers, a spokeswoman said.

The plant is scheduled to start operation in May 2006 and is equipped to process 226.8 tonnes a day and generate 11.8 megawatts, Mitsubishi said in a statement.

Fortune Energy Corp will build and operate the plant in Miaoli County and the government plans to locate at least one incineration plant in each county.

CETRA promotes brand ties

The China External Trade Devel-opment Council (CETRA) will introduce owners of world-renowned brand names to outstanding Tai-wanese manufacturers for business alliances under its international-brand alliance project.

Tsai Wen-kai, director of the Taiwan Trade Center in San Francisco, California said Wednesday that the program is aimed at promoting the cooperation between Taiwanese manufacturers and foreign brand owners in developing the world market through brand authorization and through good use of their distribution channels.

Under the project, a Scottish textile company, Kinloch Anderson Co, on Wednesday signed a brand licensing agreement with San Sun Hat & Cap Co (三勝製帽) in Taipei, CETRA said.

Tatung looking to raise cash

Tatung Co (大同), the country's fourth-largest electronics maker, plans to sell a 6 percent stake in unit Chunghwa Picture Tubes Ltd (中華映管) overseas to provide cash for operations. The shares are worth NT$4.6 billion (US$136.3 million).

Tatung said it will offer 300 million shares in the nation's third-largest maker of flat-panel displays for NT$15.30 each.

Chunghwa has about 5.1 billion shares outstanding.

Tatung owns 60 percent of Chunghwa Picture. Tatung said on June 20 it expects to return to a profit next year as Chunghwa Picture helps boost its parent's profit.

Tatung and Chunghwa Picture both had losses last year and in 2001.

Uni-President deal cancelled

Nissin Food Products Co, which gave the world instant noodles, has canceled an agreement to buy a 10 percent stake in a unit of Uni-President Enterprises Co (統一).

The cancellation won't affect the company's earnings forecast, Osaka-based Nissin Food said in a release distributed through the Tokyo Stock Exchange.

In May, Nissin Food said it agreed to team up with the Tai-wanese company to expand the instant food business in China.

Personnel shift at HSBC unit

HSBC Asset Management (Taiwan) Ltd (匯豐中華投信), a fund unit of the world's second-biggest bank by market value, hired Winnie Tiao (刁明華) to replace Vincent Lai (賴政昇) as chief investment officer, effective yesterday.

Prior to joining HSBC, Tiao was chief investment officer at Cathay Securities Investment Trust Co (國泰投信), a unit of the nation's biggest financial services company, Cathay Financial Holdings Co (國泰金控), HSBC said in a statement.

HSBC's Taiwan asset management unit, which offers 17 funds, had about NT$83 billion (US$2.46 billion) under management as of Sept. 30.

NT dollar maintains strength

The New Taiwan dollar yesterday maintained its strength against the US dollar, rising NT$0.025 to close at NT$33.743 on the Taipei foreign exchange market. Turnover was NT$591 million.

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