Tue, Jul 31, 2007 - Page 11 News List

Business Briefs

STAFF WRITER, WITH AGENCIES

APBT to cut capital

The debt-ridden Asia Pacific Broadband Telecom Co (APBT, 亞太固網) said yesterday that its board had approved a proposed 60 percent cut in capital in order to improve the firm's finances.

After the adjustment, the company will have NT$39.4 billion in capital, down from NT$65.6 billion.

The board also passed a NT$30 billion capital increase.

The company is scheduled to hold a special shareholder's meeting on Sept. 28 to discuss its recapitalization plans.

Taiwan Cooperative eyes HK

Taiwan Cooperative Bank (合作金庫銀行) plans to start operations of its Hong Kong branch next quarter after obtaining a green light from the Financial Supervisory Commission last Friday to upgrade the overseas outlet, the bank said in a statement yesterday.

The Hong Kong branch will cater for China-based Taiwanese clients' funding needs, said Taiwan Cooperative, which owns the largest franchise network in Taiwan.

Apart from lending business, the Hong Kong branch, the bank's fifth overseas foothold, will compete for cross-border syndicated loans and offer wealth management services, the lender said.

Taiwan Cooperative is in the process of applying for licenses for a Ho Chi Minh City branch and Sydney branch. The bank tendered its application to Vietnam's financial regulator last month.

Cold Stone goes to China

President Chain Store Corp (統一超商), operator of the world's third-largest 7-Eleven franchise, said yesterday that it opened two Cold Stone Creamery ice cream stores in Shanghai on July 19.

This was the first expansion of the US premium ice cream brand across the Taiwan Strait. President Chain Store Corp owns exclusive licensing rights for the ice cream in Taiwan and China, following the launch of two outlets in Taipei in April and last month.

Shanghai Cold Stone Ice Cream Corp (上海酷聖石冰淇淋), 100 percent owned by President Chain, plans to open 10 stores in Shanghai and Beijing by the end of this year, the firm said in a statement yesterday.

President Chain signed the licensing deal with US Cold Stone Creamery last November under which the US firm will provide operational know-how during the 30 year contract.

Macronix to quit NASDAQ

The board of Taiwanese chipmaker Macronix International Co (旺宏) yesterday approved a proposed withdrawal of its listing from the NASDAQ to cut costs, according to a company statement.

In a filing with the Taiwan Stock Exchange, Macronix did not give a timetable for the delisting, but said that chairman Miin Wu (吳敏求) would be in charge.

The Hsinchu-based chipmaker would save about NT$100 million (US$2.99 million) each year if it stopped trading in US depositary receipts in the US, Macronix said in May. In 1996, Macronix became one of the first local companies to trade shares on the NASDAQ.

Chinatrust to sell stake

The board of Chinatrust Financial Holding Co (中信金控) yesterday agreed to sell its remaining 11.64 percent holding in Mega Financial Holding Co (兆豐金控) within the next four years after the company failed in its takeover bid for the larger state-run rival.

Chinatrust will sell its entire stake to buyers that meet the requirements of financial regulators and the finance ministry's state shareholding management panel, the financial group said in a filing with the Taiwan Stock Exchange.

The company completed a mandatory sale of a 3.9 percent share of Mega Financial last month as required by the Financial Supervisory Commission after the privately owned financial conglomerate was found to have engaged in misconduct during the takeover.

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