Board reshuffles
Taishin Financial Holding Co (台新金控) announced yesterday that it would give one of its nine board seats to its strategic partner, US-based Newbridge Capital Inc.
Newbridge Capital became Taishin Financial's largest shareholder with a 23.12 percent stake after agreeing to invest NT$27 billion in the financial holding firm in February. Shan Weijien (單偉建), Newbridge Capital's co-managing partner, will sit on Taishin's board.
Meanwhile, E.Sun Financial Holding Co (玉山金控) said yesterday that it would allot one seat on its 13-member board to Adahlis Holding BV, an affiliate of Singapore-based Temasek Holding Ltd, which invested US$400 million for a 15 percent stake in E.Sun Financial in March.
Eric Chen (陳聖德), North Asia and China president of Temasek-owned Asia Financial Holdings Pte Ltd, will represent the Singapore state-owned holding company, E.Sun said.
E.Sun Financial also appointed an independent board director; Lee Ji-ren (李吉仁), who is also deputy dean of the management faculty at National Taiwan University.
Drug funding approved
The Ministry of Economic Affairs approved funding for a local biopharmaceutical company, sponsoring its development of a new "dual-effect" anti-cancer drug, the ministry said yesterday.
According to the application documents, the new drug "TLC-X88" -- developed by Taiwan Liposome Co (TLC, 台灣微脂體) -- has been proven effective in killing metastatic cancer cells, as well as improving the efficacy of radiation therapy.
The ministry said TLC would file an Investigational New Drug application for TLC-X88 with the nation's health authority by the fourth quarter. Once sale of the drug was permitted, it could replace imported anti-cancer drugs, the ministry said.
Wang chairman and president
Formosa Petrochemical Corp (台塑石化) has elected president Wilfred Wang (王文潮) as its chairman. Wang replaces his uncle Wang Yung-ching (王永慶), the nation's richest man.
The younger Wang will remain president of the company, Su Chi-yi (蘇啟邑), company executive vice-president of the Mailiao-based refiner, said yesterday.
TSMC sales up
Taiwan Semiconductor Manufact-uring Co (TSMC, 台積電), the world's largest contract chipmaker by revenue, said yesterday its sales rose 37.2 percent last month from the same month last year.
Last month's revenue amounted to NT$26.77 billion (US$823.31 million), compared to NT$19.51 billion for the same month last year, the company said.
Revenue in the first five months of the year rose 39.5 percent to NT$131.23 billion from NT$94.06 billion in the year-earlier period, the statement said.
AUO, Quanta merger approved
The Fair Trade Commission yesterday approved the merger application of AU Optronics Corp (友達光電) and Quanta Display Inc (廣輝電子), paving the way for the creation of the world's second-largest TFT-LCD maker.
The two companies will hold board meetings next Thursday to approve the merger, which is expected to become effective on Oct. 1.
The merger will also boost AUO's global market share from 15.1 percent to 19.9 percent, making it the world's second-largest TFT-LCD maker (tied with South Korea's LG.Philips LCD Co).
NT dollar strengthens
The NT dollar strengthened against its US counterpart yesterday, rising NT$0.063 to close at NT$32.450 on the Taipei foreign exchange market.
Turnover was US$964 million.
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