After acquiring a 5 percent stake in SinoPac Financial Holdings Co (建華金控), International Bank of Taipei (IBT, 台北商銀) chairman Ho Show-chung (何壽川) is expected to take up a seat on SinoPac's board in mid-May. \n"I've asked Ho to take part in the board since he is now the third-largest shareholder," SinoPac Financial chairman Richard Hong (洪敏弘) told reporters yesterday while discussing his company's sponsorship of the National Culture and Arts Foundation's performance-art productions. \nThe idea of Ho getting a seat on SinoPac's board fueled further media speculation about a possible merger between SinoPac and IBT. \nBut Hong, whose 9 percent stake in SinoPac makes him its biggest shareholder, downplayed such speculation, saying it's too early to talk about such a move. \nAccording to Hong, Ho expressed no interest in taking part in SinoPac's management during a meeting last October, saying that his 5 percent stake was simply an investment. \nHe added that his friendship with Ho spans more than two generations and Ho was one of the original shareholders of the National Securities Corp (建弘 證券), which was later merged with SinoPac Securities Corp (建華證券) -- a securities unit under the SinoPac Financial. \nBut Ho, who is also chairman of the Yuen Foong Yu Group (永豐餘集團), vowed to turn IBT into a financial holding company early last year by locating partners through mergers and acquisitions, according to media reports. That has not happened yet. \nThe Yuen Foong Yu Group holds a controlling 35 percent stake in IBT. \nWhen SinoPac's board is reshuffled in May, Hong said that he will negotiate with Ho and Ruentex Corp chairman Yin Yen-liang (尹衍樑), the second-largest shareholder with an 8 percent stake, to decide appointments to the 11-member board. \nAlthough SinoPac realized only 80 percent of its profit goal for last year, Hong vowed to see another 20 percent growth this year. He attributed the company's failure to make its NT$5.78 billion target to the economic slowdown and to the decline in the local stock market during the second half of the year. \n"We were too aggressive last year and predicted a profit goal that was too high. This year, we'll be more prudent," he said.
Gogoro Inc (睿能創意) yesterday launched its first electric bicycle, the Gogoro Eeyo 1, in Taiwan, after unveiling the bike in New York in late May and in France on Tuesday. The company said it would also introduce the series in other European countries such as Germany and the Netherlands. The “Eeyo project” is the fourth of Gogoro’s eight projects that concentrate on smart transportation, which includes Gogoro’s electric scooter, battery swap system and electric scooter sharing service, company founder and chief executive officer Horace Luke (陸學森) told a media briefing in Taipei. “There are various types of city commuters. We will not
With the US dollar expected to weaken in the next 12 months due to near-zero interest rates, investors should consider purchasing US corporate bonds, Standard Chartered Bank Taiwan Ltd (渣打台灣銀行) said on Thursday. The bank said that the US Federal Reserve since last month has been buying bonds issued by US companies to curb default rates. The US dollar is forecast to be weaker against the pound, the euro and the yen, as well as the Canadian dollar, the Swedish krona and the Swiss franc, as the greenback lacks high investment returns after the Fed in March slashed the benchmark interest rate
BAD RAP: The exchange said Tatung had seriously breached shareholders’ rights and failed to give a satisfactory explanation of its board election dispute Tatung Co (大同) shares yesterday plunged by the maximum daily limit of 10 percent to NT$18.90, the lowest in three months, after the Taiwan Stock Exchange (TWSE) on Tuesday evening changed the company’s classification to a full-delivery stock effective tomorrow. The TWSE’s move follows the company’s failure to give a clear and satisfactory explanation of why it deprived dozens of shareholders of their voting rights during a board election at the annual shareholders’ meeting on Tuesday morning. Under the exchange’s regulations, investors are not allowed to engage in margin trading of a full-delivery stock, TWSE spokeswoman Rebecca Chen (陳麗卿) told
SIZE MATTERS: Medium-sized hotels that do not have the support of parent groups are more vulnerable and are forced to take action, a REPro Knight Frank researcher said About 50 hotels across Taiwan are seeking to exit the market as they succumb to the bleak business outlook amid international travel restrictions imposed to combat the COVID-19 pandemic. Yomi Hotel (優美飯店) on Minsheng E Road, Sec 1, in Taipei is seeking to transfer ownership with an asking price of NT$950 million (US$32.15 million) and a pledge for a lease contract that guarantees a 3 percent return. The budget hotel, with room rates that start from NT$1,400 per night, maintains normal operations, but has been struggling since March, when the government placed restrictions on inbound and outbound travel. Occupancy rates for hotels in