Officials at money-losing Taiwan Nikomart Co (
Rumors have circulated for years that Taiwan Nikomart, 50 percent controlled by Taisun Enterprise Co (
"That's just speculation. Taiwan Nikomart will continue to expand its market share and will not withdraw from the market," said Taiwan Nikomart sales director Jan Chun-ying (
Jan said that to turn the business around, the company has implemented an organizational restructuring project, shutting down 60 poorly performing stores last year and streamlining the company's headquarters.
Established in 1990, Taiwan Nikomart ran 300 outlets as of the end of last year -- only a 3-percent share of the industry. It posted losses of more than NT$210 million (US$6.5 million) for the first three quarters of last year.
Taisun Enterprise spokesman Shih Tai-an (施泰安) reiterated on the phone that the company has no plan to offload their shareholding in Taiwan Nikomart although the convenience store chain's former general manager, Fred Chan (詹景超), commented in a recent Taisun board meeting that Taiwan Nikomart's survival was at stake.
"Even so, the board did not discuss mergers with any rival or Taiwan FamilyMart," Shih said.
However, Taisun Enterprise chairman Chan Jen-tao (詹仁道) was reported to have said that the group is looking for an appropriate buyer to take over Taiwan Nikomart.
A report yesterday in the Chinese-language Liberty Times (the sister newspaper of the Taipei Times), said that Chan had said Taisun Enterprise wanted to sell out its shares in Nikomart and leave the convenience store market this year.
Chan said Taiwan Nikomart is actively restructuring its organization and will initiate talks with businesses interested in the acquisition after restructuring is complete, the report said.
Asked whether the small player will be sold to Taiwan FamilyMart, he said, "It's very possible as that will generate the most synergy."
Yeh Jung-ting (
"We never rule out the possibility of expanding our turf through merger and acquisition, but now it's still too early to say that," 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
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
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