Taipei-based China Life Insurance Co (中國人壽) yesterday sold its 2.5 percent stake in Taipei Financial Center Corp (TFCC, 台北金融大樓公司), which owns the Taipei 101 building, to Ting Hsin International Group (頂新集團) for NT$481.4 million (US$14.6 million), or NT$13 per share.
After the new share purchase, the Wei family-owned Ting Hsin, will own a 22 percent stake in TFCC.
Last week, the company acquired a 19.51 percent stake from China Development Financial Holding Corp (中華開發金控) for NT$3.735 billion, or NT$13 per share.
The life insurer expects the share sale to generate NT$111 million in return, it said in a filing yesterday.
Ting Hsin operates the biggest instant noodle maker in China and runs Wei Chuan Foods Corp (味全食品) in Taiwan.
The company had earlier expressed interest in increasing its share in TFCC and approached the skyscraper’s private investors including Shin Kong Financial Holding Co (新光金控) and Cathay Life Insurance Co (國泰人壽) for the release of their shares of 3.25 percent and 5 percent respectively.
Chunghwa Telecom (中華電信) has rejected any likelihood it would sell its 11.75 percent stake in the skyscraper.
The Financial Restructuring Fund (金融重建基金), which owns a 15 percent stake in TFCC, will also seek the right time to liquidate its holdings, the Financial Supervisory Commission said.
The Eurovision Song Contest has seen a surge in punter interest at the bookmakers, becoming a major betting event, experts said ahead of last night’s giant glamfest in Basel. “Eurovision has quietly become one of the biggest betting events of the year,” said Tomi Huttunen, senior manager of the Online Computer Finland (OCS) betting and casino platform. Betting sites have long been used to gauge which way voters might be leaning ahead of the world’s biggest televised live music event. However, bookmakers highlight a huge increase in engagement in recent years — and this year in particular. “We’ve already passed 2023’s total activity and
Nvidia Corp CEO Jensen Huang (黃仁勳) today announced that his company has selected "Beitou Shilin" in Taipei for its new Taiwan office, called Nvidia Constellation, putting an end to months of speculation. Industry sources have said that the tech giant has been eyeing the Beitou Shilin Science Park as the site of its new overseas headquarters, and speculated that the new headquarters would be built on two plots of land designated as "T17" and "T18," which span 3.89 hectares in the park. "I think it's time for us to reveal one of the largest products we've ever built," Huang said near the
China yesterday announced anti-dumping duties as high as 74.9 percent on imports of polyoxymethylene (POM) copolymers, a type of engineering plastic, from Taiwan, the US, the EU and Japan. The Chinese Ministry of Commerce’s findings conclude a probe launched in May last year, shortly after the US sharply increased tariffs on Chinese electric vehicles, computer chips and other imports. POM copolymers can partially replace metals such as copper and zinc, and have various applications, including in auto parts, electronics and medical equipment, the Chinese ministry has said. In January, it said initial investigations had determined that dumping was taking place, and implemented preliminary
Intel Corp yesterday reinforced its determination to strengthen its partnerships with Taiwan’s ecosystem partners including original-electronic-manufacturing (OEM) companies such as Hon Hai Precision Industry Co (鴻海精密) and chipmaker United Microelectronics Corp (UMC, 聯電). “Tonight marks a new beginning. We renew our new partnership with Taiwan ecosystem,” Intel new chief executive officer Tan Lip-bu (陳立武) said at a dinner with representatives from the company’s local partners, celebrating the 40th anniversary of the US chip giant’s presence in Taiwan. Tan took the reins at Intel six weeks ago aiming to reform the chipmaker and revive its past glory. This is the first time Tan