Wed, Jul 27, 2016 - Page 11 News List

Taiwan Business Quick Take

Staff writer, with CNA

EQUITIES

Fundraising hits new low

Equity fundraising by Taiwanese businesses has hit a new low since the 2008-2009 global financial crisis amid slowing economic growth and rock-bottom interest rates, the Financial Supervisory Commission said yesterday. In the first half, the amount of capital raised through new share issues fell to NT$157.55 billion (US$4.91 billion), a decrease of 41.35 percent from the same period last year. Following consecutive interest rate cuts, companies have begun selecting bank loans to take advantage of low financing costs, the commission said.

SECURITY SERVICES

Secom opens retail outlets

Taiwan Secom Co (中興保全) yesterday said it would continue to diversify beyond its core security services business and maximize synergy between affiliates of its SIGMU Group. The company is aiming to encompass the dining, medical, home, transportation and entertainment needs of consumers. To do so, the company has opened two retail outlets in Taipei to showcase its new offerings, each with a monthly revenue of between NT$300,000 and NT$500,000. In addition, the company said that it would open at least one new store each month, setting a goal to open 200 such stores in the next three years.

RETAIL

Kindom inaugurates mall

Land developer and construction firm Kindom Construction Corp (冠德建設) yesterday inaugurated its Global Mall (環球購物中心), at Taipei’s Nangang Railway Station. The shopping mall targets commuters and travelers at the station, which services Taiwan Railways Administration trains, Taiwan High Speed Rail Corp (台灣高鐵) and Taipei’s MRT system. The newly built 8,595m2 shopping center will create hundreds of job opportunities and is expected to generate more than NT$700 million in revenue per year, Kindom chairman Timothy Ma (馬玉山) said yesterday.

STOCK MARKETS

TWSE touts governance

The Taiwan Stock Exchange (TWSE) on Monday said that after three years of efforts by the exchange to promote corporate governance, the quality of many listed companies’ shareholder meetings has improved significantly. According to a corporate governance blueprint issued by the exchange in 2013, listed companies are required to have their corporate governance practices evaluated by the TWSE and have consequently taken steps to improve their performance in this area. One of the exchange’s corporate governance initiatives was to get listed companies to hold shareholder meetings that give investors a platform to monitor the company’s operations and protect their interests. The campaign has been effective, as the quality of shareholder meetings has improved year after year and made a considerable leap compared with three years ago, seen through many different metrics, the TWSE said. A total of 614 listed companies, or more than 70 percent of those on the main bourse, had shareholders vote on every motion proposed at their shareholder meetings this year, up from 56 percent a year earlier, the TWSE said. About 93 percent of listed companies posted the results of their shareholder meetings on the TWSE’s Market Observation Post System on the same day that shareholder meetings were held, while more than half of all listed companies adopted e-voting to enable shareholders who could not attend the meeting to vote.

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