Eastern Broadcasting Co (
The company's board approved the proposal on Friday, company president Chang Shu-sen (張樹森) said in a filing to the Taiwan Stock Exchange dated Saturday, after shares were suspended on the Emerging Stock Market (興櫃市場) on Thursday.
In the filing, Chang said the decision was made to minimize the adverse impact on the company's stock price amid swirling speculation linking it with investigations targeting EMG on bribery and corruption.
Eastern Broadcasting does not rule out the possibility of resuming trading in future, the filing said.
With 1.05 million subscribers, Eastern Multimedia Co (
Taiwan's cable TV market has approximately 4.4 million subscribers.
Last year, the US private equity firm Carlyle Group acquired stakes in Eastern Multimedia, Eastern Broadcasting and Eastern Home Shopping Network (東森得易購) for NT$48 billion (US$1.47 billion) to NT$50 billion in a bid to further expand its digital TV operations into China.
Beside its plan to withdraw from the smaller bourse, the TV company also intended to raise NT$200 million to repay its debts and hoped to gain shareholder approval for the plan during the annual shareholder meeting on Wednesday, the Chinese-language online news provider cnyes.com reported on Saturday, citing Chang.
The company's decision came after Eastern Broadcasting chairman Gary Wang (王令麟), founder of EMG, was detained last week on alleged misappropriation of the TV company's funds last year.
Investigators also suspect Wang embezzled corporate funds from other companies controlled by the Wang clan, including Asia Pacific Broadband Telecom Co (
Taiwan Transport and Storage Corp (TTS, 台灣通運倉儲) yesterday unveiled its first electric tractor unit — manufactured by Volvo Trucks — in a ceremony in Taipei, and said the unit would soon be used to transport cement produced by Taiwan Cement Corp (TCC, 台灣水泥). Both TTS and TCC belong to TCC International Holdings Ltd (台泥國際集團). With the electric tractor unit, the Taipei-based cement firm would become the first in Taiwan to use electric vehicles to transport construction materials. TTS chairman Koo Kung-yi (辜公怡), Volvo Trucks vice president of sales and marketing Johan Selven, TCC president Roman Cheng (程耀輝) and Taikoo Motors Group
Among the rows of vibrators, rubber torsos and leather harnesses at a Chinese sex toys exhibition in Shanghai this weekend, the beginnings of an artificial intelligence (AI)-driven shift in the industry quietly pulsed. China manufactures about 70 percent of the world’s sex toys, most of it the “hardware” on display at the fair — whether that be technicolor tentacled dildos or hyper-realistic personalized silicone dolls. Yet smart toys have been rising in popularity for some time. Many major European and US brands already offer tech-enhanced products that can enable long-distance love, monitor well-being and even bring people one step closer to
RECORD-BREAKING: TSMC’s net profit last quarter beat market expectations by expanding 8.9% and it was the best first-quarter profit in the chipmaker’s history Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), which counts Nvidia Corp as a key customer, yesterday said that artificial intelligence (AI) server chip revenue is set to more than double this year from last year amid rising demand. The chipmaker expects the growth momentum to continue in the next five years with an annual compound growth rate of 50 percent, TSMC chief executive officer C.C. Wei (魏哲家) told investors yesterday. By 2028, AI chips’ contribution to revenue would climb to about 20 percent from a percentage in the low teens, Wei said. “Almost all the AI innovators are working with TSMC to address the
FUTURE PLANS: Although the electric vehicle market is getting more competitive, Hon Hai would stick to its goal of seizing a 5 percent share globally, Young Liu said Hon Hai Precision Industry Co (鴻海精密), a major iPhone assembler and supplier of artificial intelligence (AI) servers powered by Nvidia Corp’s chips, yesterday said it has introduced a rotating chief executive structure as part of the company’s efforts to cultivate future leaders and to enhance corporate governance. The 50-year-old contract electronics maker reported sizable revenue of NT$6.16 trillion (US$189.67 billion) last year. Hon Hai, also known as Foxconn Technology Group (富士康科技集團), has been under the control of one man almost since its inception. A rotating CEO system is a rarity among Taiwanese businesses. Hon Hai has given leaders of the company’s six