Ting Hsin International Group (頂新國際集團) chairman Wei Ying-chiao (魏應交) yesterday quit as head of the group’s 4G telecom Taiwan Star Cellular Corp (台灣之星) in the latest management shakeup of the food conglomerate's non-core businesses.
Following Wei’s resignation, Taiwan Star’s board of directors approved a plan to install former China Airlines Ltd (中華航空) chairman Ringo Chao (趙國帥) as the telecom’s new chairman, the firm said in a statement.
Chao also serves as a director of Taipei Financial Center Corp (TFCC, 台北金融大樓), which operates Taipei 101.
Photo: CNA
On Wednesday, Wei also stepped down as chairman of TFCC. Ting Hsin still owns a 37.17 percent stake in TFCC.
The Taiwan Star board did not discuss the much-anticipated sale of the company.
“It is the group’s policy to enhance corporate governance and to introduce professional managers to run its subsidiaries,” Ting Hsin said in a company statement.
Wei completed his task of founding Taiwan Star and launching affordable 4G services in the nation’s highly competitive market, the statement said.
Far EasTone Telecommunications Co (遠傳電信), the nation’s second-largest telecom, is considered a frontrunner to acquire Taiwan Star in a deal reportedly worth NT$18 billion.
Far EasTone chairman Douglas Hsu (徐旭東) has said that price and public opinion on the takeover would be two deciding factors as to whether the company acquires Taiwan Star.
The acquisition, if completed, would be the biggest 4G tie-up in the nation and change the telecommunications industry’s landscape, as Far EasTone would increase its number of subscribers to 8.99 million.
Taiwan Star has about 1.6 million subscribers, including 3G users at its subsidiary, Vibo Telecom Inc (威寶電信).
Ting Hsin is under pressure to sell its local assets — even its telecom — after a series of food safety scares last year triggered a nationwide boycott of the conglomerate’s products.
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