Mon, Nov 13, 2017 - Page 15 News List

Taiwan Business Quick Take

Staff writer

STOCKS

Industry drives revenue jump

Companies listed on the Taiwan Stock Exchange (TWSE) and Taipei Exchange saw their combined revenue last month increase 10.1 percent year-on-year on a consolidated basis, driven mainly by firms in the steel, chemicals, and oil and gas industries, the TWSE reported on Friday. Listed companies posted NT$2.99 trillion (US$99.1 billion) in revenue last month, the exchange said. However, the figure dropped 1.69 percent from a record level of NT$3.04 trillion in September. Aggregate sales for all listed companies totaled NT$26.22 trillion in the first 10 months of the year, up 5.38 percent from a year earlier, the exchange said.

AUTOMOTIVE

Primax invests in Belfast

Computer and handset peripherals maker Primax Electronics Ltd (致伸) on Friday said it had signed an agreement to acquire a 37 percent stake in Belfast Holdings (Cayman) for US$48.1 million. Primax said that it would become the largest single investor in the automotive electronic systems supplier, allowing the company to use its precision manufacturing capabilities and technology edge to expand into the automotive electronics market. Belfast’s main products include electric power-steering systems, adaptive front-lighting systems and other subsystems for electric cars and autonomous driving.

BANKING

Citibank chair retiring

Citibank Taiwan Ltd (台灣花旗) on Friday said chairman Victor Kuan (管國霖) has decided to retire next year after leading the company over the past seven years. Citi country officer Paulus Mok (莫兆鴻) will take over Kuan’s position on Jan. 1, the company said. The changes still need to be approved by the company’s board and local regulator, the company added.

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