The Ministry of Finance has reached a consensus with Ting Hsin International Group (頂新集團) to divide 11 seats on the board of Taipei Financial Center Corp (TFCC, 台北金融大樓公司), which owns the Taipei 101 building, between them.
The government may keep six seats after next Friday’s board meeting, in line with the 44 percent stake it controls in the company, a high-ranking ministry official said on condition of anonymity.
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, may gain five seats after increasing its shares in TFCC to 37 percent, the official said.
The packaged food maker recently gained another 5.25 percent of shares from Walsin Lihwa Co (華新麗華), a leading manufacturer of copper wire, cable and specialty steel in Taiwan and the region.
There are 13 seats on the board. Cathay Financial Holding Co (國泰金控) and Chinatrust Financial Holding Co (中信金控) each have one seat and will retain them, the official said.
Under the deal, the government will appoint TFCC’s chairperson and president while Ting Hsin will name the vice president, the official said. He refused to reveal whom the government favors for those posts, saying there may be a “last-minute surprise” before the board election.
However, acting chairman and president Harace Lin (林鴻明) may stay in his management post, the official said.
Meanwhile, the ministry will soon announce details of a long-term plan to improve the nation’s finances, the official said.
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