Taiwan Cement delays purchase
Taiwan Cement Corp (台泥), the nation's largest cement maker, said it had to delay acquiring Hong Kong-listed Chia Hsin Cement Greater China Holding Corp (嘉新水泥中國控股) for two weeks as it failed to complete purchasing more than 90 percent of outstanding shares as required by the Hong Kong Exchanges and Clearing Ltd.
Taiwan Cement was slated to complete the acquisition on Tuesday, but had to apply for a two-week extension to Oct. 16, president Huang Chien-chiang (黃健強) said yesterday.
Taiwan Cement has acquired 71.56 percent of Chia Hsin from the company officials and major shareholders, Huang said. The company also bought 75 percent of Chia Hsin's outstanding shares, but to delist Chia Hsin from the Hong Kong bourse and conclude the acquisition, Taiwan Cement needs to purchase more than 90 percent of its outstanding shares, Huang said.
Taiwan Cement hopes to integrate and expand its Chinese business through the buyout. After the merger, its production in China is expected to reach 50 million tonnes per year, the company predicted earlier.
Chi Mei to buy Tainan stock
The nation's second-biggest liquid-crystal-display (LCD) panel maker Chi Mei Optoelectronics Co (奇美電子) yesterday said it would obtain a 67 percent stake in a small-and-medium panel module company for NT$1.5 billion to benefit from fast-growing demand.
In a filing to the Taiwan Stock Exchange, Chi Mei said it would buy 150 million shares of Chi Hsin Electronics Corp (奇信電子), based in Tainan, at NT$10 per share.
The price of small-and-medium displays rose 20 percent to US$1,052 in the second quarter from a year ago due to growing demand for panels used in media players, portable DVD players and PDAs, Austin, Texas-based market researcher DisplaySearch said.
Intrinsyc opens Taipei office
Vancouver-based Intrinsyc Software International Inc has opened its first Asian operation in Taipei to expand its business in the Asia-Pacific region, the Ministry of Economic Affairs said in a statement yesterday. The permanent Taipei Office was opened last Thursday, according to a company release.
The office will serve as a business and engineering hub, providing local Soleus software support and wireless engineering services to Asia-Pacific customers, the release said. The company also announced that it had signed its first engineering services agreement with a leading Taiwan-based original equipment manufacturer of wireless handheld devices, without naming the company.
"The announcement of Intrinsyc's first Taiwan-based wireless engineering services win, to be fulfilled by our Taiwan operation, is an important milestone for our business ramp in Asia," Glenda Dorchak, chairman and CEO of Intrinsyc, said in the release.
"Supported by the opening of our Taipei office and a strong local engineering team, we provide our existing Soleus customers and prospective customers with a full wireless software and service offering that delivers greater flexibility, faster time to market and lower development costs," she said.
MOE invites companies
The Ministry of Economic Affairs has invited three more information technology service companies to join its "Best E-Services export of Taiwan" (BEST) Flagship Program, in which the ministry will help firms in this sphere boost their exports and elevate their competitiveness.
From last year, seven projects involving 46 information technology service companies under the program have increased revenue of NT$3 billion (US$92,880), with NT$1.7 billion going for exports.
Polytronics Technology Corp (聚鼎科技) yesterday announced that it is buying Henkel AG’s thermal clad dielectric material (TCLAD) business division for US$26 million as the Taiwanese firm aims to improve its technology, product portfolio and revenue performance. Polytronics, headquartered in the Hsinchu Science Park (新竹科學園區), is a supplier of protection components and heat dissipation materials. The firm entered the metallic heat-dissipation substrate market in 2007 and developed a unique solventless production process. Its board of directors approved signing an agreement with Henkel to acquire the German chemical firm’s TCLAD division in the US. The purchase includes all assets and business interests, including equipment,
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
A Bollywood actor’s face tattooed on his arm, Sandeep Bacche’s devotion shocks few in India where stars enjoy semi-divine status, but even there the hallowed silver screen might be losing its shine to streaming services and pandemic fears. “Whenever things get better and theaters begin operations, I will watch three movies a day for sure just as a way to celebrate,” said the Mumbai rickshaw driver, who is recovering from the virus himself. However, others might not join the party. With cinemas shut for months due to a COVID-19 lockdown, and little prospect they will reopen soon, frustrated Bollywood producers have turned to