Taiwan Pulp and Paper Corp (TPPC, 台灣紙業) is to hold a shareholders’ meeting to re-elect its supervisors and directors, chairman Chien Hung-wen (簡鴻文) said yesterday.
The company faces a deadline next month to recognize last year’s earnings results, a requirement to avoid being delisted from the local bourse, something it has been unable to do because its board of supervisors was sacked last month.
The Tainan-based papermaker has been caught up in a feud between Chien and company president Yu Mei-ling (余美玲) about management strategy and business development.
Last year, the company ceased operations at its pulp and paper plant in Tainan’s Sinying District (新營), as aging facilities and soaring production costs had caused losses of about NT$1.75 billion (US$56.38 million) over the past five years.
Last month, Chien, who also serves as the chairman of Mega Securities Co (兆豐證券) and head of Taiwan Securities Association (券商公會), declined to hold a shareholders’ meeting to sign off on the company's earnings report.
TPPC reported a net loss of NT$304 million (US$9.8 million) last year, with revenue down 30.46 percent annually to NT$4.34 billion.
Taiwan Transport and Storage Corp (TTS, 台灣通運倉儲) yesterday unveiled its first electric tractor unit — manufactured by Volvo Trucks — in a ceremony in Taipei, and said the unit would soon be used to transport cement produced by Taiwan Cement Corp (TCC, 台灣水泥). Both TTS and TCC belong to TCC International Holdings Ltd (台泥國際集團). With the electric tractor unit, the Taipei-based cement firm would become the first in Taiwan to use electric vehicles to transport construction materials. TTS chairman Koo Kung-yi (辜公怡), Volvo Trucks vice president of sales and marketing Johan Selven, TCC president Roman Cheng (程耀輝) and Taikoo Motors Group
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FUTURE PLANS: Although the electric vehicle market is getting more competitive, Hon Hai would stick to its goal of seizing a 5 percent share globally, Young Liu said Hon Hai Precision Industry Co (鴻海精密), a major iPhone assembler and supplier of artificial intelligence (AI) servers powered by Nvidia Corp’s chips, yesterday said it has introduced a rotating chief executive structure as part of the company’s efforts to cultivate future leaders and to enhance corporate governance. The 50-year-old contract electronics maker reported sizable revenue of NT$6.16 trillion (US$189.67 billion) last year. Hon Hai, also known as Foxconn Technology Group (富士康科技集團), has been under the control of one man almost since its inception. A rotating CEO system is a rarity among Taiwanese businesses. Hon Hai has given leaders of the company’s six