Thu, Jul 16, 2009 - Page 12 News List

Ting Hsin increases stake in owner of Taipei 101

By Joyce Huang  /  STAFF REPORTER

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.

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