Fri, Jul 01, 2016 - Page 11 News List

Taiwan Business Quick Take

Staff writer

UTILITIES

No strike: Taipower union

The Taipower Labor Union yesterday called off plans for a strike after the Ministry of Economic Affairs invited union representatives to join discussions on privatizing the nation’s electricity supply industry. Union representatives said after a meeting with Minister of Economic Affairs Lee Chih-kung (李世光) that the ministry had agreed to allow union members participate in discussions of proposed amendments to the Electricity Act (電業法). The amendments, if approved by the Cabinet and the legislature, would pave the way for the privatization of Taiwan Power Co (Taipower, 台電).

BANKING

OBUs’ assets fall in May

The 62 offshore banking units (OBUs) of banks operating in Taiwan posted total assets of US$190.173 billion in May, down US$67 million from the previous month, the central bank said in a statement yesterday. The OBUs of 37 Taiwanese banks held US$160.848 billion in assets, while foreign banks’ 25 OBUs had US$29.325 billion in assets, the central bank said, without elaborating on the reason for the decline in total assets. The OBUs’ lending made up about 40.8 percent of their total assets, with interbank lending and deposits accounting for 21.2 percent. Securities investments accounted for an additional 19.6 percent, the central bank said.

TECHNOLOGY

Viking expects synergy boost

Viking Tech Corp (光頡科技), a supplier of resistors and inductors, yesterday said its revenue could grow by a double-digit percentage this year from last year’s NT$1.549 billion (US$47.98 million), as the company starts to see synergy from its integration with Guangdong Fenghua Advanced Technology Holding Co (廣東風華高新科技). Last year, Viking sold a 40 percent stake to Guangdong Fenghua at NT$29.8 per share, making the Chinese firm its largest shareholder. In the first five months of the year, Viking’s cumulative revenue totaled NT$695 million, up 8.55 percent from a year ago. Viking’s shareholders approved the company’s proposal to pay dividends of NT$2.5 per share.

SOLAR ENERGY

Gintech’s US plant starts up

Solar cell maker Gintech Energy Corp (昱晶) commenced operations of a new solar power plant in the US this week, in a move to further diversify its business portfolio. The US$30 million power plant is expected to generate an annual revenue of NT$100 million, said that G.D. Development Corp (昱鼎), a Gintech joint venture with CTCI Corp (中鼎工程) is in charge of operating the plant. The plant has an annual capacity of 9.5 megawatts and is able to generate 12,000 megawatt hours a year, G.D. Development said in a statement on Wednesday. Gintech shares yesterday rallied 6.73 percent to end at NT$26.15 in Taipei.

HOSPITALITY

FDC seeks primary listing

Hotel and restaurant operator FDC International Hotels Corp (FDC, 雲品國際) yesterday submitted its primary listing application to the Taiwan Stock Exchange, hoping to debut its shares on the main bourse by the end of this year. FDC is currently trades on the Emerging Stock Market, a preparatory board for the nation’s two main bourses. The company, which runs the five-star hotel Fleur de Chine (日月潭雲品酒店) near Sun Moon Lake and the buffet restaurant Giardino in New Taipei City’s Sinjhuang District (新莊), reported NT$555 million in revenue in the first five months of the year, up 7.36 percent from a year ago.

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