With the Dragon Boat Festival being held today, local companies apparently regarded yesterday as auspicious, with a total of 172 firms holding their annual shareholders' meeting. This triggered complaints from some retail investors, who said that the simultaneous announcement of results discouraged them from monitoring corporate performances.
More than two dozen financial institutions released their results, with some reporting a profitable year and declaring bounteous dividends during the meetings.
Chinatrust Financial Holding Co (
Taishin Financial Holding Co (台新金控) declared a cash dividend of NT$1.3 and a stock dividend of NT$1.45. Company chairman Thomas Wu (吳東亮) said at the shareholders' meeting that financial institutions faced grave challenges in operations last year as the domestic stock market remained at a low and the financial regulator imposed more restrictions on marketing activities in the consumer-banking sector.
Even so, the company expects to achieve an after-tax net income of NT$13.5 billion for the whole year, up 20 percent from last year's NT$11.3 billion, the company said.
Shinkong Financial Holding Co's (新光金控) board yesterday approved a proposal to acquire Macoto Bank (誠泰銀行) as a wholly-owned subsidiary through a share swap. The acquisition, which will take effect on Oct. 1, will help Shinkong Financial expand its number of banking locations to 108, with 50 located in the greater Taipei area.
Shinkong also announced NT$3.91 billion of after-tax net income for the first five months of the year, with earnings per share at NT$1.27.
Cosmos Bank Taiwan (萬泰銀行), the nation's first and largest cash-card issuer, approved a proposal to authorize its board to increase capital through a private placement at its stockholder meeting yesterday.
Although the decision was viewed as paving the way for the US-based General Electric Co to buy a stake in the local lender, Cosmos Bank's high-level officials remained tight-lipped about the possibility of such a deal.
Fubon Financial Holding Co (
The International Bank of Taipei's (IBT,
First Financial Holding Co (第一金控), the nation's fourth-largest financial-services company by assets, said in a statement that shareholders approved a plan to sell its property-insurance unit, Mingtai Fire and Marine Insurance Co (明台產險), to Japan's Mitsui Sumitomo Insurance Co. First Financial first announced the plan to sell Mingtai on April 22 for NT$8.4 billion.