A planned capital injection of NT$29.7 billion (US$900 million) by US private equity firm SAC Private Capital Group LLC and General Electric Co (GE) to take up a major stake at financially troubled Cosmos Bank (
Technical complications had slowed the capital injection, but Financial Supervisory Commission vice chairwoman Susan Chang (張秀蓮) said that "the private equity firms' capital should come in before the end of December."
Both firms were originally scheduled to inject the full capital by next Wednesday when Cosmos convenes an extraordinary shareholders' meeting.
But the planned capital injection has been delayed by the Ministry of Economic Affairs' review process concerning the transfer of shares resulting from the deal, Chang said.
She dismissed concerns that the government may have to take over Cosmos should the capital injection fail to arrive before the regulator's final deadline.
Cosmos' board meeting and shareholder meeting, respectively in early September and late last month, agreed to sell a combined 80 percent controlling stake to SAC and GE Money -- the consumer lending unit of GE -- for US$650 million and US$250 million respectively.
SAC PEI Taiwan Holdings LLC has agreed to buy 1.65 billion preferred shares of Cosmos at NT$2 each, as well as NT$18.15 billion in convertible financial debentures, the bank said.
GE Capital Taiwan Holdings Inc has also agreed to buy 3.3 billion new common shares of the Taipei-based Cosmos Bank at NT$2 each and NT$1.65 billion in convertible financial debentures.
Cairo’s new monorail slices across the city skyline, running above the familiar chaos of blaring horns and aging buses’ exhaust fumes that mark rush hour below. The US$4.5 billion monorail, opened this month, is among Egypt’s most prominent new transport projects, part of a debt-funded infrastructure drive criticized for sapping state finances while bringing limited benefits to most of the country’s 109 million people. “It feels like you’re in a different country,” said Ramy Sayed, a restaurant manager, aboard a driverless Innovia 300 train. “No noise, no traffic, we’re not used to this.” The eastern line runs 56km from the bustling middle-class
Taiwanese firms have increased investment in the Philippines in recent years as Manila’s ties with Washington deepen and global supply chains continue to shift away from China, an expert at the Chung-Hua Institution for Economic Research (CIER, 中華經濟研究院) said yesterday. The Philippines had not been among Taiwanese investors’ top choices in Southeast Asia, CIER Taiwan ASEAN Studies Center director Kristy Hsu (徐遵慈) said at a seminar in Taipei. However, Taiwan’s investment in the country has grown significantly since the COVID-19 pandemic, reaching US $257 million last year, a high in recent years, she said. Although Taiwan’s total investment in the Philippines still lags
Intel Corp regards Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) as a longstanding partner, as the US chipmaker would continue outsourcing production of advanced chips to TSMC, Intel chief executive officer Lip-Bu Tan (陳立武) said yesterday. “I don’t look at people as competitors. I look at the collaboration... Nvidia is also, you know, a good friend,” Tan told a news conference following his keynote speech at the Computex trade show in Taipei. “It’s a very trusted partnership for us... We are a big, top customer for them, and we’re going to continue doing that,” he said, referring to TSMC, the world’s largest foundry
Artificial intelligence (AI) agents would supplant smartphones as the center of people’s digital lives, fundamentally reshaping personal devices and driving a major computing upgrade cycle, Qualcomm Inc CEO Cristiano Amon said yesterday. In his keynote speech for this year’s Computex trade show in Taipei, Amon said that the rise of "agentic AI" — AI systems capable of reasoning, planning and carrying out tasks autonomously — would transform how people interact with technology across phones, PCs, vehicles and wearable devices. Describing the technology as the next major evolution in computing, Amon said that "2026 is the year of agents.” For decades, smartphones have sat
RSS