Shinkong Financial Holding Co (新光金控), the nation's eighth-largest financial services provider by assets, is looking to form a strategic partnership with a world-class financial group that has the cross-border experience and know-how to help it expand overseas, company spokesman Victor Hsu (許澎) said in a phone interview yesterday.
"A large number of foreign financial institutions have expressed interest in establishing a cooperation relationship within the past year," Hsu said.
The strategic partnership will be formed through the issuance of up to NT$7 billion (US$215.74 million) in common shares through a private placement within one year, he said.
This would translate into a 5 percent to 7 percent stake in the financial holding firm, based on a tentatively set price of NT$28 per share, he said.
Shinkong Financial has NT$40.7 billion in capitalization.
The board of directors has designated company chairman Eugene Wu (
The company may use the funds for acquisitions, he added.
Last month, Temasek Holdings of Singapore bought a 15 percent stake in E.Sun Financial Holding Co (玉山金控) for US$400 million, while Newbridge Capital of the US and Nomura Group of Japan jointly invested NT$31 billion in Taishin Financial Holding Co (台新金控) in February.
The board of Shinkong Financial yesterday also decided to distribute dividends of NT$1.3 per share, comprising NT$0.65 in cash and the remainder in stock.
The company reported that first-quarter net profit reached NT$7.14 billion, or NT$1.76 per share, the highest among the nation's 14 financial groups. This, despite the fact that its banking arm incurred a net loss of NT$1 billion after setting aside NT$2 billion in provision expenses to cover consumer bad debts.
Taiwan’s foreign exchange reserves hit a record high at the end of last month, surpassing the US$600 billion mark for the first time, the central bank said yesterday. Last month, the country’s foreign exchange reserves rose US$5.51 billion from a month earlier to reach US$602.94 billion due to an increase in returns from the central bank’s portfolio management, the movement of other foreign currencies in the portfolio against the US dollar and the bank’s efforts to smooth the volatility of the New Taiwan dollar. Department of Foreign Exchange Director-General Eugene Tsai (蔡炯民)said a rate cut cycle launched by the US Federal Reserve
Handset camera lens maker Largan Precision Co (大立光) on Sunday reported a 6.71 percent year-on-year decline in revenue for the third quarter, despite revenue last month hitting the highest level in 11 months. Third-quarter revenue was NT$17.68 billion (US$581.2 million), compared with NT$18.95 billion a year earlier, the company said in a statement. The figure was in line with Yuanta Securities Investment Consulting Co’s (元大投顧) forecast of NT$17.9 billion, but missed the market consensus estimate of NT$18.97 billion. The third-quarter revenue was a 51.44 percent increase from NT$11.67 billion in the second quarter, as the quarter is usually the peak
The US government on Wednesday sanctioned more than two dozen companies in China, Turkey and the United Arab Emirates, including offshoots of a US chip firm, accusing the businesses of providing illicit support to Iran’s military or proxies. The US Department of Commerce included two subsidiaries of US-based chip distributor Arrow Electronics Inc (艾睿電子) on its so-called entity list published on the federal register for facilitating purchases by Iran’s proxies of US tech. Arrow spokesman John Hourigan said that the subsidiaries have been operating in full compliance with US export control regulations and his company is discussing with the US Bureau of
Pegatron Corp (和碩), a key assembler of Apple Inc’s iPhones, on Thursday reported a 12.3 percent year-on-year decline in revenue for last quarter to NT$257.86 billion (US$8.44 billion), but it expects revenue to improve in the second half on traditional holiday demand. The fourth quarter is usually the peak season for its communications products, a company official said on condition of anonymity. As Apple released its new iPhone 17 series early last month, sales in the communications segment rose sequentially last month, the official said. Shipments to Apple have been stable and in line with earlier expectations, they said. Pegatron shipped 2.4 million notebook
RSS