Three court-appointed temporary managers, including Capital Securities Corp (群益證券) board member Chu Jaw-chyuan (朱兆銓), are expected to take over Taiwan International Securities Corp (TISC, 金鼎證券) tomorrow after both of the securities firm’s self-proclaimed chairmen from last year’s board reshuffle dispute gave their consent, Chu said after a mediation meeting yesterday.
“The mediation went smoother than I’d expected. Both of TISC’s self-proclaimed controlling stakeholders agreed to facilitate our takeover in the next one to two days,” Chu told reporters after the meeting, which was attended by securities and exchange regulators, Lawrence Chang (張元銘), from the firm’s incumbent board, and Willie Tsai (蔡維力) of the new stakeholder China Development Financial Holding Co (中華開發金控), which holds more than a 40 percent stake in TISC.
Chang’s camp, led by his father and TISC Group chairman Chang Ping-chao (張平沼), however, has decided to appeal the Taipei District Court’s takeover ruling made on Tuesday last week. Tsai’s camp, supported by the Koo family’s China Development, will not follow suit, Chu said.
“Our custody as TISC’s temporary managers [at its board] will be terminated once court rulings finalize a legitimate board,” he said.
Once the takeover takes effect, the caretaker board will file for approval from the Ministry of Economic Affairs for TISC to delay its annual shareholders’ meeting, which was slated to take place on Tuesday next week, he said.
Chu hopes that the regulators will grant a half-year extension, or a grace period before TISC shares will be forced to stop trading after its planned shareholders’ meeting is canceled.
The caretaker board, moreover, will not reshuffle TISC’s incumbent management, which will remain responsible for the firm’s day-to-day operations, in order to maintain the firm’s stability, Chu said.
Chu also urged both camps to engage in dialogue on share acquisitions to put an end to their dispute.
EXPANSION: The investment came as ASE in July told investors it would accelerate capacity growth to mitigate supply issues, and would boost spending by 16 percent ASE Technology Holding Co (ASE, 日月光投控), the world’s biggest chip assembly and testing service provider, yesterday said it is investing NT$17.6 billion (US$578.6 million) to build a new advanced chip packaging facility in Kaohsiung to cope with fast-growing demand from artificial intelligence (AI), high-performance-computing (HPC) and automotive applications. The new fab, called K18B, is to commence operation in the first quarter of 2028, offering chip-on-wafer-on-substrate (CoWoS) chip packaging and final testing services, ASE said in a statement. The fab is to create 2,000 new jobs upon its completion, ASE said. A wide spectrum of system-level chip packaging technologies would be available at
Taiwan’s foreign exchange reserves hit a record high at the end of last month, surpassing the US$600 billion mark for the first time, the central bank said yesterday. Last month, the country’s foreign exchange reserves rose US$5.51 billion from a month earlier to reach US$602.94 billion due to an increase in returns from the central bank’s portfolio management, the movement of other foreign currencies in the portfolio against the US dollar and the bank’s efforts to smooth the volatility of the New Taiwan dollar. Department of Foreign Exchange Director-General Eugene Tsai (蔡炯民)said a rate cut cycle launched by the US Federal Reserve
HEAVYWEIGHT: The TAIEX ended up 382.67 points, with about 280 of those points contributed by TSMC shares alone, which rose 2.56 percent to close at NT$1,400 Shares in Taiwan broke records at the end of yesterday’s session after contract chipmaker Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) hit a fresh closing-high amid enthusiasm toward artificial intelligence (AI) development, dealers said. The TAIEX ended up 382.67 points, or 1.45 percent, at the day’s high of 26,761.06. Turnover totaled NT$463.09 billion (US$15.22 billion). “The local main board has repeatedly hit new closing highs in the past few sessions as investors continued to embrace high hopes about AI applications, taking cues from a strong showing in shares of US-based AI chip designer Nvidia Corp,” Hua Nan Securities Co (華南永昌證券) analyst Kevin Su
Nvidia Corp’s major server production partner Hon Hai Precision Industry Co (鴻海精密) reported 10.99 percent year-on-year growth in quarterly sales, signaling healthy demand for artificial intelligence (AI) infrastructure. Revenue totaled NT$2.06 trillion (US$67.72 billion) in the last quarter, in line with analysts’ projections, a company statement said. On a quarterly basis, revenue was up 14.47 percent. Hon Hai’s businesses cover four primary product segments: cloud and networking, smart consumer electronics, computing, and components and other products. Last quarter, “cloud and networking products delivered strong growth, components and other products demonstrated significant growth, while smart consumer electronics and computing products slightly declined,” compared with the
RSS