Mon, Dec 25, 2017 - Page 15 News List

Taiwan Business Quick Take

Staff writer

PETROCHEMICALS

Fire at Formosa Texas plant

Formosa Plastics Corp (台塑) on Saturday said that its Texas operation early on Friday reported a fire incident in the Olefins I production unit in Point Comfort. The company said the unit was immediately shut down and the fire was brought under control by the plant’s emergency response team, with no injuries reported. Formosa said the company and local authorities were still investigating the cause of the fire.

INSURANCE

Fubon recapitalizes Hyundai

The board of Fubon Financial Holding Co (富邦金控) on Friday approved an investment by its subsidiary Fubon Life Insurance Co (富邦人壽), which is to spend 144 billion won (US$105.8 million) to recapitalize South Korea’s Hyundai Life Insurance Co. The capital increase program is to be completed in the first half of next year, Fubon Financial said in a filing with the Taiwan Stock Exchange. Fubon Life in December 2015 invested approximately NT$6.1 billion (US$203.6 million) to acquire a 48 percent stake in Hyundai Life, becoming its second-largest shareholder and securing five seats on its board.

INSURANCE

Cathay eyes frontier markets

Cathay Life Insurance Co’s (國泰人壽) wholly-owned investment management unit Conning Holdings Ltd has signed a definitive agreement to acquire a 45 percent stake in Global Evolution, which specializes in emerging and frontier market debt strategies, for up to US$87 million, the company said on Friday. The transaction is expected to close early next year and Conning said it plans to increase its shareholding in Global Evolution through a series of staged investments. Cathay Life said it would inject US$40 million in capital into Conning to meet the related financing needs.

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