Tue, Apr 13, 2004 - Page 11 News List

Business Briefs

AGENCIES

■ Trade Expo opens

The eighth Cross-Strait Machinery and Electronics Products Exhibition and Xiamen's Export Trade to Taiwan Exposition opened in downtown Xiamen yesterday, with nearly 900 companies, including 200 from Taiwan, taking part. The joint trade expo -- which has been held annually since 1996 and is better known as the "Taiwan Trade Expo" for Chinese businesspeople -- has now become the largest and most influential trade show across the Taiwan Strait, organizers of the exhibition said. The Taiwan Electrical and Electronic Manufacturers Association (電電公會), one of the organizers, said the trade expo features four exhibition zones and 1,200 booths. The 200 Taiwanese companies taking part in the expo are exporters and manufacturers.

■ HannStar to raise funds for plant

HannStar Display Corp (瀚宇彩晶), the nation's fourth-largest maker of flat-panel displays, aims to raise about NT$10 billion (US$304 million) by selling shares overseas to help fund a new plant. The company plans to sell 400 million new shares for as much as NT$25 each, HannStar said in a statement to the Taiwan Stock Exchange. The price is a 30-percent premium on today's closing price of NT$19.20. HannStar on Jan. 15 sold US$264 million of shares overseas to invest in new equipment to keep up with rising demand.

■ Chinese bank offices allowed

The government plans to permit Chinese banks to set up representative offices here as part of a reciprocal arrangement with China, a Chinese-language newspaper reported yesterday. Government agencies have recently reached an agreement to respond favorably to China's call for its banks to be allowed to operate in Taiwan, a senior official told the newspaper. China has allowed seven Taiwanese banks to set up representative offices in China but none has so far secured approval to upgrade to full branches. China's central bank has already given the green light to four Chinese banks to set up representative offices, including China Merchants Bank, ICBC Asia, Shanghai Pudong Development Bank and Industrial Bank Co.

■ Acer to sell shares for profit

Acer Inc plans to sell shares in Wistron Corp (緯創資通), BenQ Corp (明基電通) and Hon Hai Precision Industry Co (鴻海精密) this year to boost profit, a Chinese-language newspaper reported, citing company chairman Stan Shih (施振榮). Acer plans to sell about 3.9 percent of BenQ, in which it has a 15.2-percent stake, and about 6.4 percent of Wistron, in which it has a 35.5-percent stake, the report said. Acer plans to sell 10 million shares of Hon Hai Precision, the report said.

■ Foreigners buy Taiwan stocks

Between the start of this year and April 9, foreign investors trading on the bourse made net purchases of NT$122.6 billion, according to the Taiwan Stock Exchange. Foreign investors purchased NT$1.111 trillion worth of Taiwanese stocks and sold NT$988.1 billion during the period between the first trading day of this year and last Friday. Based on stock exchange statistics, the total value of Taiwanese stocks held by foreign investors stood at NT$3.228 trillion, accounting for 22.26 percent of the overall value of the domestic bourse, an increase of NT$69.6 billion from on April 2.

■ NT dollar rises

The New Taiwan dollar yesterday traded higher against its US counterpart, rising NT$0.056 to close at NT$32.884 on the Taipei foreign exchange market. Turnover was US$461 million.

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