Ting Hsin International Group (頂新集團) said yesterday that it was interested in increasing its shares in Taipei Financial Center Corp (TFCC, 台北金融大樓公司), which owns Taipei 101, after acquiring a 19.51 percent stake from China Development Financial Holding Corp (中華開發金控).
Ting Hsin, owned by Taiwan’s Wei family, is the biggest instant noodle maker in China.
It also operates Wei Chuan Foods Corp (味全食品) in Taiwan.
“From an asset allocation point of view, this has been a pretty good investment for us,” Ting Hsin spokeswoman Sun Shi-chun (孫時淳) said, adding that the company was very bullish about the local economy and the domestic property market.
“We do not rule out the possibility of taking up more shares [in Taipei 101] as a long-term investment,” she said.
Sun said the company had diversified last month into property development and investment, headed by Wei Ing-chiao (魏應交), a younger brother to group chairman Wei Ing-chou (魏應州), and would be evaluating other property investment possibilities in Taiwan and China.
The 19.51 percent stake makes Ting Hsin TFCC’s biggest private shareholder.
But Sun rejected speculation that the company was interested in gaining a majority on the TFCC board or the board chairmanship, which is expected to be reshuffled in late September.
“We haven’t thought about that,” she said.
Both of the Weis, however, are expected to join the 13-member board in September.
Government-appointed directors hold six board seats since the government controls more than a 40 percent stake in the company and is its biggest shareholder.
Victor Hsu (�?, president of Shin Kong Financial Holding Co (新光金控) confirmed yesterday that Ting Hsin has approached TFCC’s other private shareholders and offered to buy up Shin Kong’s 3.25 percent stake.
Shin Kong is mulling the possibility of liquidating its shares, whose current worth may be “only hundreds of millions [in NT dollars]” since the world’s tallest building is still losing money, Hsu said by telephone yesterday.
“That won’t make up what we had invested in the building as one of its original shareholders,” he said.
Taipei 101 cost its original investors about NT$60 billion (US$1.82 billion) to build, but some private investors, banking on the building’s long-term potential, have reportedly rejected Ting Hsin’s offers to buy their shares, including Cathay Life Insurance Co (國泰人壽) and China Life Insurance Co (中國人壽).
Ting Hsin bought China Development Financial Holding Corp shares for NT$3.735 billion (US$113.5 million), or NT$13 per share, in a deal that was inked on Monday night.
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