Taiwan's main stock market held talks on selling shares to Borse Dubai Ltd, which has been expanding with its purchases of NASDAQ OMX Group Inc and the London Stock Exchange Group PLC.
Taiwan Stock Exchange Corp (TSE, 證交所) plans an initial public offering (IPO) early next year, chairman Wu Rong-i (吳榮義) said in an interview yesterday in Vietnam's financial center, Ho Chi Minh City. The exchange plans to sell as much as a 25 percent holding to overseas bourses and has held initial talks with the New York Stock Exchange, Deutsche Boerse AG, the CME Group Inc, and NASDAQ OMX, it said in December.
"We have had talks with the Dubai bourse," Wu said. "I met the chairman. We want to sign a memorandum of understanding first and we both want to go further."
The discussions were held at a meeting of the World Federation of Exchanges in Cairo last month, Wu said.
Borse Dubai owns the sheikdom's two stock exchanges, is a shareholder in the London Stock Exchange and will get an almost 20 percent stake in NASDAQ OMX, the world's second-largest stock exchange by volume of shares traded, through a joint takeover of the Nordic stock market operator OMX.
"We don't deny we were in general dialogue" with the Taiwanese exchange, Borse Dubai chairman Essa Kazim said yesterday in a telephone interview from Dubai. Kazim declined to comment further.
Kazim said in August that Borse Dubai had a "general interest in expanding" and was "looking at other stock exchanges."
The Dubai exchange may bid for a stake in the Karachi Stock Exchange should the Pakistani bourse be put up for sale, he said at the time.
Borse Dubai owns 80 percent of the Dubai Financial Market. It also owns the Dubai International Financial Exchange Ltd, the Gulf's first bourse open to issuers and investors of any nationality.
The TSE is waiting for an amendment to current laws to allow it to merge with the GRETAI Securities Market for bonds and unlisted stocks, the Taiwan Futures Exchange and Taiwan Depository & Clearing Corp, Wu said. After that, shares may be sold to as many as three foreign companies, he said.
"We hope that this amendment can be quickly passed, perhaps first quarter or second quarter at the latest," he said.
After consolidating the markets, the exchange will "launch an IPO, maybe at the beginning of next year."
The TSE may be interested in buying shares in the Ho Chi Minh City Stock Exchange when Vietnam's main bourse holds an initial public offering, Wu said.
The Taiwanese bourse and its Vietnamese counterpart signed a memorandum of understanding (MOU) in Ho Chi Minh City on Tuesday on cooperation in areas such as the exchange of information and in unspecified joint research projects.
Quanta Computer Inc (廣達) chairman Barry Lam (林百里) is expected to share his views about the artificial intelligence (AI) industry’s prospects during his speech at the company’s 37th anniversary ceremony, as AI servers have become a new growth engine for the equipment manufacturing service provider. Lam’s speech is much anticipated, as Quanta has risen as one of the world’s major AI server suppliers. The company reported a 30 percent year-on-year growth in consolidated revenue to NT$1.41 trillion (US$43.35 billion) last year, thanks to fast-growing demand for servers, especially those with AI capabilities. The company told investors in November last year that
Intel Corp has named Tasha Chuang (莊蓓瑜) to lead Intel Taiwan in a bid to reinforce relations between the company and its Taiwanese partners. The appointment of Chuang as general manager for Intel Taiwan takes effect on Thursday, the firm said in a statement yesterday. Chuang is to lead her team in Taiwan to pursue product development and sales growth in an effort to reinforce the company’s ties with its partners and clients, Intel said. Chuang was previously in charge of managing Intel’s ties with leading Taiwanese PC brand Asustek Computer Inc (華碩), which included helping Asustek strengthen its global businesses, the company
Taiwanese suppliers to Taiwan Semiconductor Manufacturing Co. (TSMC, 台積電) are expected to follow the contract chipmaker’s step to invest in the US, but their relocation may be seven to eight years away, Minister of Economic Affairs J.W. Kuo (郭智輝) said yesterday. When asked by opposition Chinese Nationalist Party (KMT) Legislator Niu Hsu-ting (牛煦庭) in the legislature about growing concerns that TSMC’s huge investments in the US will prompt its suppliers to follow suit, Kuo said based on the chipmaker’s current limited production volume, it is unlikely to lead its supply chain to go there for now. “Unless TSMC completes its planned six
TikTok abounds with viral videos accusing prestigious brands of secretly manufacturing luxury goods in China so they can be sold at cut prices. However, while these “revelations” are spurious, behind them lurks a well-oiled machine for selling counterfeit goods that is making the most of the confusion surrounding trade tariffs. Chinese content creators who portray themselves as workers or subcontractors in the luxury goods business claim that Beijing has lifted confidentiality clauses on local subcontractors as a way to respond to the huge hike in customs duties imposed on China by US President Donald Trump. They say this Chinese decision, of which Agence
RSS