Wed, Nov 01, 2017 - Page 11 News List

Taiwan Business Quick Take

Staff writer, with agencies

INVESTMENT

Cathay raising Sea Ltd funds

Cathay Securities Corp (國泰綜合證券) yesterday announced that its overseas security unit has been selected to oversee further fundraising for Sea Ltd in Taiwan, after the Singaporean company’s initial public offering (IPO) on the New York Stock Exchange on Oct. 20. Sea Ltd operates Garena, an online game distributor, Shopee, an e-commerce platform and AirPay, a digital financial services platform. At the end of Monday’s session, Sea’s market capitalization was estimated at about US$4.61 billion. Separately, Cathay Securities said that it has competed six secondary public offering deals during the first nine months of this year.

RETAIL

Momo.com income drops

TV and online retailer Momo.com Inc (富邦媒) yesterday reported a 3.62 percent annual decline in net income to NT$243.36 million (US$8.06 million) last quarter. Earnings contracted by 31.08 percent from the NT$353.12 million made in the previous quarter, Momo.com’s filing with the Taiwan Stock Exchange showed. The drop in earnings and weaker-than-expected sales in its TV and catalog business offset the growth in its online retail segment, it said in a statement. Momo.com’s combined earnings totaled NT$906.41 million in the first three quarters, an increase of 1.5 percent from NT$892.98 million the same period a year ago. Earnings per share were NT$6.47 for the first nine months of this year, compared with the NT$6.38 per share over the same period last year, the filing showed.

IPO

Long Chen eyes China IPO

Papermaker Long Chen Paper Co (榮成紙業) yesterday said it plans to hold an extraordinary shareholders’ meeting on Dec. 19 to discuss a proposal to debut its Chinese subsidiary on the Chinese stock exchanges, according to a company filing. Long Chen, which enjoys a solid position in eastern China’s papermaking industry, operates China business through its major unit Jiangsu Longchen Greentech Co Ltd (江蘇榮成環保科技), data showed. The Taiwanese firm did not provide a detailed timetable for the IPO plan.

STEELMAKERS

China Steel profits up 58%

China Steel Corp (中鋼), the nation’s only integrated steelmaker, on Monday posted pretax profit of NT$2.28 billion for last month, a 58 percent jump from the previous month, mainly due to higher product prices. In the first three quarters of this year, pretax profit totaled NT$14.85 billion, which translated into a 11 percent annual decrease from NT$16.67 billion a year earlier. Despite the decline in cumulative profit, the company gave an optimistic business outlook for the fourth quarter, saying that it might benefit from an upward trend in global steel prices. China Steel shares yesterday edged down 0.41 percent to close at NT$24.55 in Taipei trading.

ELECTRONICS

Advantech to buy rival shares

Advantech Co (研華), the nation’s biggest industrial computer maker, yesterday said its board has approved the purchase of 12 million common shares of Winmate Inc (融程電訊) for NT$540 million. After the purchase, Advantech is to hold about a 16.62 percent stake in Winmate, a smaller local rival. The equity investment will allow Winmate to join Advantech’s Internet of Things Allied Platform Service Alliance, Advantech said in a statement. The offer of NT$45 per share represented a discount of 23 percent, compared with Winmate’s closing price of NT$58.5 yesterday.

This story has been viewed 1431 times.

Comments will be moderated. Remarks containing abusive and obscene language, personal attacks of any kind or promotion will be removed and the user banned.

TOP top