Ting Hsin International Group (頂新國際集團) yesterday said that it had remitted NT$3 billion (US$95.77 million) from overseas assets to a special account in Taishin International Bank (台新銀行) to create the food safety fund it previously promised to set up in the aftermath of food scares last year.
Ting Hsin, known for its flagship food brand Wei Chuan (味全) in Taiwan and instant noodle brand Master Kong (康師傅) in China, was implicated in a spate of food scares last year involving adulterated cooking oil, sparking a public outcry and a boycott of the business group.
The group said in a statement that the NT$3 billion was raised by an overseas company held by the Wei (魏) family, who founded and owns Ting Hsin. The statement did not specify which overseas unit.
The group said its chairman, Wei Ying-chiao (魏應交), had already informed Ruentex Group (潤泰集團) chairman Samuel Yin (尹衍樑), who agreed in October last year to help Ting Hsin lead a food safety committee in charge of administrating the fund and help revive public confidence in Ting Hsin.
Separately, the Ministry of Economic Affairs’ Investment Commission yesterday said it had sent supplementary documents submitted by Ting Hsin and Malaysia-based IOI Properties Group Bhd subsidiary Strategy Assets for the sale of a 37.17 percent stake in Taipei Financial Center Corp (TFCC, 台北金融大樓), the firm that operates Taipei 101, to relevant government agencies for preliminary review.
The commission said government agencies usually take 10 business days to complete background investigations.
However, as the public is paying extra attention to the TFCC share sale, it might take two months for the investigation to clear up all concerns.
The commission said the National Security Bureau, the Ministry of Foreign Affairs and the Mainland Affairs Council would investigate Strategy Assets’ shareholder structure and other investment details.
Gogoro Inc (睿能創意) yesterday launched its first electric bicycle, the Gogoro Eeyo 1, in Taiwan, after unveiling the bike in New York in late May and in France on Tuesday. The company said it would also introduce the series in other European countries such as Germany and the Netherlands. The “Eeyo project” is the fourth of Gogoro’s eight projects that concentrate on smart transportation, which includes Gogoro’s electric scooter, battery swap system and electric scooter sharing service, company founder and chief executive officer Horace Luke (陸學森) told a media briefing in Taipei. “There are various types of city commuters. We will not
BAD RAP: The exchange said Tatung had seriously breached shareholders’ rights and failed to give a satisfactory explanation of its board election dispute Tatung Co (大同) shares yesterday plunged by the maximum daily limit of 10 percent to NT$18.90, the lowest in three months, after the Taiwan Stock Exchange (TWSE) on Tuesday evening changed the company’s classification to a full-delivery stock effective tomorrow. The TWSE’s move follows the company’s failure to give a clear and satisfactory explanation of why it deprived dozens of shareholders of their voting rights during a board election at the annual shareholders’ meeting on Tuesday morning. Under the exchange’s regulations, investors are not allowed to engage in margin trading of a full-delivery stock, TWSE spokeswoman Rebecca Chen (陳麗卿) told
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SIZE MATTERS: Medium-sized hotels that do not have the support of parent groups are more vulnerable and are forced to take action, a REPro Knight Frank researcher said About 50 hotels across Taiwan are seeking to exit the market as they succumb to the bleak business outlook amid international travel restrictions imposed to combat the COVID-19 pandemic. Yomi Hotel (優美飯店) on Minsheng E Road, Sec 1, in Taipei is seeking to transfer ownership with an asking price of NT$950 million (US$32.15 million) and a pledge for a lease contract that guarantees a 3 percent return. The budget hotel, with room rates that start from NT$1,400 per night, maintains normal operations, but has been struggling since March, when the government placed restrictions on inbound and outbound travel. Occupancy rates for hotels in