State-owned Aerospace Industrial Development Corp (AIDC, 漢翔航空) yesterday said the Taiwan Stock Exchange is reviewing the company’s initial public offering (IPO) proposal as it plans to go public in September.
“Basically, AIDC aims to go public next quarter at the earliest by selling more than half of its shares to individual or enterprise investors,” spokesperson Lin Nan-chu (林南助) said by telephone.
The exchange’s Corporation Securities Listing Review Committee yesterday finished its evaluation of AIDC’s financial condition and concluded that the company is qualified to be listed on the main bourse, he said.
However, AIDC has not finalized its offering price and how many shares are to be sold.
STATE STAKE
More than 99 percent of AIDC’s shares are now owned by the Ministry of Economic Affairs, with the rest held by the National Defense Industry Development Fund, which is managed by the Ministry of National Defense.
Founded in July, 1997, AIDC has capital of NT$9.08 billion (US$301.26 million) and about 3,000 employees. The company produces aircraft engine components — mostly for civilian aircraft, but also for the nation’s military, Lin said.
CLIENTS
The US’ Boeing Co and France’s Airbus Group NV are both AIDC’s customers, in addition to Canadian plane and train maker Bombardier Aerospace, the UK auto brand Rolls-Royce and Japan’s Mitsubishi Aircraft, he added.
“We expect the IPO launch to help AIDC generate more funds for future investments in product research and development, which is crucial to the company’s long-term competitiveness in the global market,” Lin said.
POST-2001
When the Sept. 11, 2001, terrorist attacks on the US occurred, AIDC faced a steep fall in demand and posted losses of up to NT$6.5 billion for that year, Lin said.
However, after years of product quality improvements and establishing supply chains, AIDC turned profitable in 2007. The company saw its sales climb to a record high of NT$23.08 billion last year, up 2.12 percent from NT$22.6 billion in 2012, company data showed.
Net profits also hit a record high of NT$1.35 billion last year, from NT$853.47 million the previous year, with earnings per share of NT$1.42, data showed.
CROSS-STRAIT FOCUS
Lin said AIDC has targeted China as its main market over the next decade, because demand for aircraft is taking off amid the rise of the Chinese economy.
As a result of hikes in oil prices, demand for composite components is also expected to surge in the near future as aircraft manufacturers are all looking for components that can help them reduce weight and fuel costs, which will help boost AIDC’s orders, Lin said.
Cairo’s new monorail slices across the city skyline, running above the familiar chaos of blaring horns and aging buses’ exhaust fumes that mark rush hour below. The US$4.5 billion monorail, opened this month, is among Egypt’s most prominent new transport projects, part of a debt-funded infrastructure drive criticized for sapping state finances while bringing limited benefits to most of the country’s 109 million people. “It feels like you’re in a different country,” said Ramy Sayed, a restaurant manager, aboard a driverless Innovia 300 train. “No noise, no traffic, we’re not used to this.” The eastern line runs 56km from the bustling middle-class
Starlux Airlines Co (星宇航空) today unveiled a long-haul network expansion plan at a shareholders’ meeting in Taipei, including direct flights to Barcelona, Spain, and Zurich, Switzerland, as well as a service connecting Taipei, Sydney and New Zealand. Starlux is to become the first Taiwanese carrier to offer non-stop services to the two European cities, while the inaugural oceanic route is expected to expand transit opportunities within the Australia-New Zealand market, Starlux said. Flight services to Chicago, Dallas, Washington and New York are under evaluation, the airline added. Prior to the shareholders’ meeting, the airline earlier this year announced that it would be
Taiwanese firms have increased investment in the Philippines in recent years as Manila’s ties with Washington deepen and global supply chains continue to shift away from China, an expert at the Chung-Hua Institution for Economic Research (CIER, 中華經濟研究院) said yesterday. The Philippines had not been among Taiwanese investors’ top choices in Southeast Asia, CIER Taiwan ASEAN Studies Center director Kristy Hsu (徐遵慈) said at a seminar in Taipei. However, Taiwan’s investment in the country has grown significantly since the COVID-19 pandemic, reaching US $257 million last year, a high in recent years, she said. Although Taiwan’s total investment in the Philippines still lags
Taiwanese prosecutors suspect that three people successfully smuggled at least one shipment of Nvidia Corp artificial intelligence (AI) chips to China after first exporting them to Japan, people familiar with the matter said. The trio was detained last week by the Keelung District Prosecutors’ Office for allegedly falsifying documents related to exports of Super Micro Computer Inc servers containing advanced Nvidia chips, which the US has barred from sale to China without a license from Washington. The move marked Taiwan’s first public crackdown on AI chip diversion after years of pressure from the US to take a more active role in curtailing
RSS