Fri, Jun 20, 2014 - Page 14 News List

Taiwan Business Briefs

Staff writer, with CNA

Fundraising surges 50.1%

Funds raised by local enterprises in capital markets at home and abroad reached NT$175.7 billion (US$5.86 billion) as of the end of last month, rising 50.1 percent from a month earlier, the Taiwan Stock Exchange (TWSE) said yesterday.

During the one-month period, local firms’ fundraising in global markets grew about NT$58.6 billion, including NT$12 billion through secondary public offerings, NT$12.6 billion from global depositary receipts and NT$28.4 billion from corporate bonds, the TWSE said.

With more companies planning initial and secondary public offerings, the TWSE said it expects the fundraising amount to continue rising over the next two to three months.

Sanyang soars after proxy war

Sanyang Industrial Co (三陽工業) shares yesterday rose by the 7 percent daily limit to close at NT$30.70, as sentiment turned upbeat after the company completed a fierce proxy vote war a day earlier and the TWSE said its shares can resume margin trading on Monday.

Sanyang is a leading motorcycle and car manufacturer. On Wednesday, Feng Chun Group (豐群集團) chairman Chang Hung-chia (張宏嘉) and his allies won five seats on the company’s nine-member board, while the remaining four went to Sanyang chairwoman Huang You-mei (黃悠美) and her allies. Market observers said this could mean Huang may lose control over the company.

Chang is the son of Chang Kuo-an (張國安), who cofounded Sanyang with Huang Ji-jun (黃繼俊), the grandfather of Huang You-mei, during the 1980s.

Lite-On dividend plan approved

Optoelectronic parts maker Lite-On Technology Corp (光寶科技) yesterday said shareholders approved the company’s plan to distribute a cash dividend of NT$2.71 per share and a stock dividend of 0.5 percent, based on last year’s earnings per share of NT$3.83.

That translates into a dividend payout ratio of 72 percent and a dividend yield of 5.5 percent. The stock closed at NT$49.45 in Taipei trading on Wednesday.

As part of the company’s corporate restructuring, Lite-On said the board also decided to appoint chief executive Warren Chen (陳廣中) as vice chairman and CEO of Lite-On Group (光寶集團), which will take effect on July 1, a company statement said.

Sequoia invests in Appier

Cross-screen marketing solutions provider Appier Inc (沛星) said on Wednesday it had raised US$6 million from Sequoia Capital, a US-based venture capital firm, and it would use the funds for research and development, capacity expansion and sales and marketing support.

Appier CEO Yu Chih-han (游直翰) said Sequoia’s investment is a vote of confidence in the company’s team and technology.

The venture capital firm has an unparalleled track record of partnering with entrepreneurs to create global market leaders. It was an early investor in some of the world’s most famous tech companies, including Apple Inc, Google Inc and YouTube.

Moody’s raises Cathay ratings

Moody’s Investors Service has changed its outlook on Cathay Life Insurance Co (國泰人壽) to “positive” from “stable” on the back of the insurer’s improving financial strength.

The agency has also revised its outlook on the insurer’s parent, Cathay Financial Holding Co (國泰金控), to “positive” from “stable,” citing the life insurer’s better financial strength.

The ratings agency has affirmed a “Baa2” insurance financial strength rating on Cathay Life, and a “Baa3” insurer rating on Cathay Financial.

This story has been viewed 877 times.
TOP top