Ting Hsin International Group (頂新集團) on Wednesday gained a bigger stake in Taipei Financial Center Corp (TFCC, 台北金融大樓公司), which owns the Taipei 101 building.
The packaged food maker, registered in the Cayman Islands and owned by Taiwanese, bought 1.45 percent of TFCC shares from Taishin Financial Holding Co (台新金控) for about NT$277 million (US$8.47 million), or NT$13 per share, the financial service provider confirmed yesterday.
As a result of the deal, Ting Hsin, which owns Wei Chuan Foods Corp (味全食品) in Taiwan and the instant-noodle brand Master Kong (康師傅) in China, has acquired 23 percent of TFCC’s shares.
On July 7, the group bought 19.51 percent of TFCC’s shares from China Development Financial Holding Corp (中華開發) for NT$3.735 billion or NT$13 per share.
A week later, it obtained yet another 2.5 percent stake from Taipei-based China Life Insurance Co (中國人壽) for NT$481.4 million, or NT$13 per share. TFCC is expected to reshuffle its leadership lineup during its regular board meeting next month and Ting Hsin is likely to win three board of directors’ seats.
The Ministry of Finance has said it will seek to name the TFCC chairperson in line with its influence in the company, of which the government controls about 40 percent of shares.
Taishin Financial said it agreed to the transaction because the price offered by Ting Hsin was reasonable.
“We welcomed its [Ting Hsin’s] attempt to consolidate TFCC shares,” a Taishin official said by telephone on condition of anonymity. “We got TFCC shares years back to show support for a public construction project. It is time we focus our attention on financial operations.”
Ting Hsin has made clear its intent to buy more TFCC shares, calling it sound asset allocation.
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