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No agreement on sale of firm: Eastern Home spokesman

Eastern Home Shopping Network (東森購物), the nation's largest TV shopping service provider and part of the scandal-ridden Eastern Group (東森集團), yesterday said it had not reached any agreement with interested parties on a sale.

"We are having talks with several potential buyers," company spokesman Randy Lee (李傳偉) told the Taipei Times by telephone yesterday.

Lee's remarks came after the Chinese-language United Evening News reported yesterday that Eastern Home had signed an agreement with Chen Hen-yi (陳恆逸), president of department store operator First Steamship Co (益航股份有限公司), to sell the TV shopping channel for US$340 million some time before the end of this month.

INCORRECT

"The report is incorrect. Neither First Steamship nor Chen are on our short list," Lee said.

Lee declined to comment on whether the company would look to sell a major stake to potential buyers, or would sell the whole company. He also declined to reveal a timetable.

NO COMMENT

Lee also declined to comment on rumors that First Steamship and foreign private equity fund Perry Capital were interested in buying Eastern Home.

Eastern Home is part of Rebar Asia Pacific Group (力霸亞太企業集團), owned by fugitive Wang You-theng (王又曾). Gary Wang (王令麟), son of Wang You-theng, is the chairman of Eastern Home, but is currently being detained over a series of financial scandals surrounding the Wang family.
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