Sat, Aug 20, 2011 - Page 11 News List

[ BUSINESS BRIEFS ]

Staff Writer, with Agencies

Nan Shan transfer completed

Ruen Chen Investment Holding Co (潤成投資) yesterday formally took over American International Group Inc’s (AIG) Taiwanese unit, Nan Shan Life Insurance Co (南山人壽), after completing the share transfer, the company said in a statement.

Ruen Chen, a local consortium comprising supermarket operator Ruentex Development Co (潤泰新), cement and chemical fiber maker Ruentex Industries Ltd (潤泰全) and shoemaker Pou Chen Corp (寶成工業), acquired AIG’s 97.57 percent share in Nan Shan for US$2.16 billion.

Nan Shan Life called a board meeting yesterday and approved the appointment of former Nan Shan chairman Koay Boon-teik (郭文德) as its new chairman and Du Ying-tsong (杜英宗), chairman of Citigroup Global Markets Taiwan Ltd, as its vice chairperson.

The insurer also tapped former Chinatrust Financial Holding Co’s (中信金控) executive vice president Hsu Miao-chiu (許妙靜) as chief financial officer.

Fubon, others to issue bonds

Fubon Financial Holding Co (富邦金控) plans to issue as much as NT$6 billion (US$207 million) in unsecured bonds with maturity of up to seven years to replenish its working capital and strengthen its capital structure, it said in a statement to the Taiwan Stock Exchange yesterday.

Separately, textile manufacturer Far Eastern New Century Corp (遠東新世紀) plans to issue as much as NT$6 billion in unsecured bonds with maturity of up to five years to repay short-term debts and strengthen its financial structure, the company said in a stock exchange statement yesterday.

Shining Building Business Co (鄉林建設), a property developer based in Greater Taichung, plans to sell as much as US$143 million in five-year unsecured overseas convertible bonds at an interest rate of up to 3 percent, the company said in a stock exchange statement. The proceeds will be used to invest in China through its overseas units, it said.

Genesis signs loan deal

LED lamp maker Genesis Photonics Inc (新世紀光電) signed a NT$6 billion, five-year syndicated loan with 20 banks, including Mega International Commercial Bank (兆豐國際商銀), the Taiwan-based company said in a stock exchange statement yesterday.

The proceeds will be used to repay debts, build plants, buy equipment, replenish working capital and invest overseas, it said.

A company unit also signed US$15 million in loans with banks, it said, without giving details.

Meanwhile, HannsTouch Solution Inc (和鑫光電) signed a NT$6 billion, five-year syndicated loan with nine banks, according to a statement to the stock exchange.

The proceeds will be used to fund capital expenditure and replenish working capital, HannsTouch said.

All-in-one PC sales stable

Sales of desktop computers, especially all-in-one models, have been stable despite fierce competition from advanced laptops and tablet PCs, a report by German market researcher GfK said.

The report said that consumers in Southeast Asian countries bought nearly 800,000 desktops, worth more than US$488 million, during the first half of this year.

Of that number, 44,000 were all-in-one models — desktop computers that combine the monitor and CPU in a single unit — up 10 percent year-on-year, GfK said.

Sales of all-in-one units reached US$44 million during the period, GfK said.

NT dollar retreats

The New Taiwan dollar fell NT$0.086 against the US dollar to close at NT$29.076 on turnover of US$953 million yesterday.

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