Thu, Oct 04, 2007 - Page 11 News List

Business Briefs

STAFF WRITER, WITH AGENCIES

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.

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