The Carlyle Group yesterday became the biggest shareholder of Ta Chong Bank (大眾銀行), securing seven out of 13 seats on the board of directors.
The Kaohsiung-based bank held an extraordinary shareholders meeting to approve a NT$21.5 billion (US$663 million) joint cash injection by the US private equity fund's local investment arm and a financial service provider under private equity fund Corsair Capital LLC.
Carlyle planned to control 25 percent of Ta Chong, while Corsair was expected to take a 12 percent stake, Ta Chong said in a filing to the Taiwan Stock Exchange on Tuesday, which detailed the structure of the private placement.
If Carlyle converts all its convertible preferred shares and convertible debentures in the future, it would command a 27.7 percent stake in the bank, leaving Corsair with a 9.3 percent stake.
Carlyle was supposed to complete the fund injection of NT$15.5 billion yesterday, but postponed it until the end of this month. The US buyout firm is expected to pay the remaining NT$6 billion at the end of this month as well.
Two of the seven seats Carlyle secured are independent directors. Chairman Chen Tien-mao's (陳田錨) family got three seats, while another three seats went to the Ko family, which runs Kwang Yang Motor Co (光陽工業), the nation's largest motorcycle manufacturer, company spokesman James Chiou (邱正光) said by telephone.
While management will remain in the hands of the current team, Chen said he would retire and hand his position over to his son, Chen Chien-ping (陳建平).
Chen Chien-ping was later elected by the board as the new chairman.
Carlyle representative Gregory Zeluck was elected as vice chairman, the Ta Chong filing said.
Ta Chong posted a net loss of NT$310 million, or NT$0.15 per share, for the first three quarters yesterday, compared with a net loss of NT$3.96 billion, or NT$2.18 per share, in the same period last year.
Intel Corp chief executive officer Lip-Bu Tan (陳立武) is expected to meet with Taiwanese suppliers next month in conjunction with the opening of the Computex Taipei trade show, supply chain sources said on Monday. The visit, the first for Tan to Taiwan since assuming his new post last month, would be aimed at enhancing Intel’s ties with suppliers in Taiwan as he attempts to help turn around the struggling US chipmaker, the sources said. Tan is to hold a banquet to celebrate Intel’s 40-year presence in Taiwan before Computex opens on May 20 and invite dozens of Taiwanese suppliers to exchange views
Application-specific integrated circuit designer Faraday Technology Corp (智原) yesterday said that although revenue this quarter would decline 30 percent from last quarter, it retained its full-year forecast of revenue growth of 100 percent. The company attributed the quarterly drop to a slowdown in customers’ production of chips using Faraday’s advanced packaging technology. The company is still confident about its revenue growth this year, given its strong “design-win” — or the projects it won to help customers design their chips, Faraday president Steve Wang (王國雍) told an online earnings conference. “The design-win this year is better than we expected. We believe we will win
Chizuko Kimura has become the first female sushi chef in the world to win a Michelin star, fulfilling a promise she made to her dying husband to continue his legacy. The 54-year-old Japanese chef regained the Michelin star her late husband, Shunei Kimura, won three years ago for their Sushi Shunei restaurant in Paris. For Shunei Kimura, the star was a dream come true. However, the joy was short-lived. He died from cancer just three months later in June 2022. He was 65. The following year, the restaurant in the heart of Montmartre lost its star rating. Chizuko Kimura insisted that the new star is still down
While China’s leaders use their economic and political might to fight US President Donald Trump’s trade war “to the end,” its army of social media soldiers are embarking on a more humorous campaign online. Trump’s tariff blitz has seen Washington and Beijing impose eye-watering duties on imports from the other, fanning a standoff between the economic superpowers that has sparked global recession fears and sent markets into a tailspin. Trump says his policy is a response to years of being “ripped off” by other countries and aims to bring manufacturing to the US, forcing companies to employ US workers. However, China’s online warriors
RSS