Far Eastern Air Transport (FAT, 遠東航空), one of the local airlines that have been hard hit by a downturn in domestic air travel, said yesterday it regretted that a proposal by a potential investor to give it a much needed shot in the arm had not taken off.
Shih Chien-hua (施建華), planning manager at FAT, made the remarks after learning that the Kinmen County Council had voted earlier in the day — 10-6, with two abstentions — to turn down a proposal by county government-owned Kinmen Kaoliang Liquor Inc (KKL, 金酒公司) to invest in FAT.
Shih however added that a meeting of FAT shareholders’ meeting will take place as scheduled today and that the meeting is expected to pass a proposal to increase the airline’s capital to ease its dire financial situation.
Shih said that two vacant board director seats are also expected to be filled during the meeting. The board will then contact interested parties on the possibility of investment, he said.
He declined to identify the potential investors, saying only that “they are from home and abroad.”
KKL’s new chairwoman, former legislator Joanna Lei (雷倩), contacted FAT last month with a proposal to inject between NT$2.2 billion (US$66.58 million) and NT$2.75 billion into the company in exchange for a 40 percent stake.
Lei said she was hoping that the investment would benefit Kinmen, which lies closer to China than to Taiwan, and help to provide its residents with more convenient transportation options.
Upon learning that the KKL investment proposal had been rejected, both Lei and Kinmen County Commissioner Lee Chu-feng (李炷烽) said they “respect the majority decision by the county council.”
KKL, which is run by the Kinmen government, enjoys an annual turnover of more than NT$11 billion, with its famous sorghum liquor enjoying the largest domestic market share in the white rum business.
FAT, Taiwan’s oldest privately owned airline, celebrated its 50th anniversary last November.
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