Wed, Mar 29, 2017 - Page 11 News List

Taiwan Business Quick Take

Staff writer, with CNA

RESTAURANTS

McDonald’s deal approved

The Investment Commission yesterday approved McDonald’s Restaurant Operations Inc’s application to transfer its operations in Taiwan to Kingsdale Corp (德昱股份有限公司) for a NT$5.09 billion (US$168.71 million) payment. Ambassador Hotel Ltd (國賓大飯店) president Hubert Lee (李昌霖) holds an undisclosed stake in Kingsdale, a commission official said. Given Lee’s holdings in the hotel and restaurant industry, Kingsdale’s investment still has to be approved by the Fair Trade Commission, the official said.

EQUITIES

TWSE to relax SBL rules

The Taiwan Stock Exchange (TWSE) is to relax its eligibility requirements for securities borrowing and lending (SBL) on July 31 to further encourage trading activity. The new rules would allow all foreign institutional investors — instead of specific offshore foreign institutional investors — to participate in the exchange’s SBL system. The relaxation is aimed at helping the local bourse better align with international market standards, the TWSE said.

FOOD

Namchow plans spinoff

Namchow Chemical Industrial Co (南僑化工) yesterday said its board has approved a plan to separate its oil and non-oil business units into two fully owned subsidiaries, in a bid to transform the 65-year-old foodmaker into a holding company. The planned spinoff, which aims to improve operating efficiency and raise competitiveness, is scheduled to take effect on Aug. 1, the firm said. The company will remain listed and existing shareholders’ interests would not be affected by the plan, Namchow officials told a news conference.

BANKING

O-Bank to go public in May

O-Bank (王道商業銀行) yesterday said it would make its debut on the Taiwan Stock Exchange in May. The former industrial bank said it aims to become the nation’s largest digitally focused retail bank after its transformation into a commercial bank this year, adding that it is to launch wealth management services employing robots and data analysis next month. O-Bank’s subsidiaries include China Bills Finance Corp (中華票券金融) and IBT Securities Co (台灣工銀證券).

DERIVATIVES

TRF disputes said doubled

The Financial Supervisory Commission yesterday said that the number of disputes over yuan-linked target redemption forwards (TRF) have doubled since September last year, as more investors affected by the derivative instrument took action amid rising media coverage. The number of TRF-related cases surged by about 200 from the 203 recorded at the end of September last year, the commission said. However, the commission warned of potential moral hazard, as some of the new cases were raised by investors who did not follow through with the mediation and arbitration processes that they had initiated.

RESTAURANTS

Alexander’s to quit in May

Alexander’s Steakhouse, a Cupertino, California-based fine-dining restaurant brand, yesterday said it would withdraw from the local market in May, after a disagreement with its local partner, Tonlin Department Store Co (統領百貨). Tonlin became impatient about the joint venture’s losses less than two years after introducing it to Taiwan, Alexander’s public relations official Ivy Hsiao (蕭艾雯) said by telephone. The Taipei steakhouse would keep serving meals until May 21, Hsiao said, adding that the closure would affect more than 40 employees.

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