TAIEX inches higher
A weakening New Taiwan dollar continued to boost buying on the local stock market yesterday as investors expected high-tech companies to benefit from improving profitability now that the depreciating currency is making them more competitive, dealers said.
In addition to the electronics sector, the financial sector rose on futures-led buying as investors who built up long futures positions aimed to realize gains in the futures market by lifting share prices in the spot market, they said.
The TAIEX closed up 43.03 points, or 0.57 percent, at 7,535.88, after moving between 7,465.98 and 7,574.78, on turnover of NT$104.79 billion (US$3.50 billion).
Tainan Enterprise to float
Tainan Enterprise (Cayman) Co (台南企業[開曼]) is scheduled to launch a primary listing on the Taiwan Stock Exchange on Oct. 12, underwriter Capital Securities Corp (群益證券) said yesterday.
An underwriting process ahead of the listing will start next week for the Cayman-registered company, which is one of the subsidiaries of Taiwan-based textile maker Tainan Enterprises Co, Capital Securities said.
Tainan Enterprise (Cayman), which is currently capitalized at NT$573 million, is running a broad distribution network in China, serving as an agent for foreign brands and supplies self-built brands for men’s and women’s garments.
According to the garment supplier’s prospectus, it is planning to issue 7.82 million shares to raise about NT$352 million and will use the funds as working capital and to repay debt.
Acer reveals acting CFO
Acer Inc (宏碁) has appointed Lilia Wang (王美麗) as acting chief financial officer (CFO), replacing Tu Che-min (杜哲民), the company said in an e-mailed statement yesterday.
Tu, who is being transferred because of health reasons, will become special assistant to the chairman, Acer said. Wang is Acer’s global controller and CFO for the Europe, Middle East and Africa. The company hopes to find a replacement over the next four months, according to the statement.
First AMC to set up China firm
First Financial AMC (第一金融資產管理) will spend US$30 million setting up a leasing firm in China, First Financial Holding Co (第一金控), parent of the company, said in a statement to the stock exchange yesterday.
S-tech bond sale planned
S-Tech Corp (精剛精密) plans to sell NT$300 million of three-year domestic secured convertible bonds with a zero coupon to repay bank debts and replenish working capital, the company said in a statement yesterday.
It also plans to raise as much as NT$252 million by selling 9 million new shares, the company said in a separate statement.
NT dollar declines
The NT dollar fell against the US currency yesterday, declining NT$0.062 to close at NT$29.950.
Turnover totaled US$786 million during the trading session.
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