Wed, Jan 31, 2018 - Page 12 News List

Taiwan Business Quick Take

Staff writer, with CNA

STOCKS

GIS launches share buyback

General Interface Solution Holding Ltd (GIS, 業成科技) shares yesterday closed down 1.83 percent at NT$214, despite the start of its latest buyback plan. The touchpanel manufacturing arm of Hon Hai Precision Industry Co (鴻海精密) is the first supply chain firm related to Apple Inc to have launched a buyback on the open market following the sluggish sales of the iPhone X, the Chinese-language Commercial Times reported. The buyback, which prices shares between NT$153 and NT$301, is the firm’s second since it was listed on the Taiwan Stock Exchange in 2015. The earlier program began on Dec. 7, 2016, and ran to Feb. 6 last year, and bought back 3 million shares.

CONTACT LENSES

Pegavision’s profit up 62%

Pegavision Corp (晶碩) on Monday reported net profit of NT$302 million (US$10.33 million) for last year, an increase of 62 percent over 2016 and its highest annual earnings since the Pegatron Corp (和碩) subsidiary was founded in 2009. Earnings per share were NT$5.05, compared with the NT$3.11 per share in 2016, Pegavision’s filing with the Taiwan Stock Exchange said. Its revenue climbed 31.5 percent to NT$2.18 billion last year. Pegavision attributed its strong earnings to the robust sales of its contact lens brand in China and Southeast Asia. Orders from Japanese vendors expanded steadily last year from 2016, it said.

INSURANCE

Cathay Life installs panels

Cathay Life Insurance Co (國泰人壽) yesterday said that it has completed installation of 4,890 ping (16,165m2) of solar panels on the rooftop of a logistics facility in Taoyuan’s Dayuan District (大園). The panels have a combined capacity of about 1.9 megawatts and are expected to produce 2.09 million kilowatt-hours of energy annually. That would help the company offset 1,335 tonnes of carbon emissions, it said. Cathay Life has been investing in solar power since 2014, and it will continue to cover the rooftops of its investees, such as the logistic facility with solar panels, executive vice president Lin Chao-ting (林昭廷) said.

RECYCLING

Long Chen invests in unit

Industrial papermaker Long Chen Paper Co (榮成紙業) is to inject new capital of 270 million yuan (US$42.68 million) into its Chinese subsidiary, Hubei Long Chen Recycling Technology Co Ltd (湖北榮成), it said yesterday in a filing with the Taiwan exchange. Long Chen has a 40.2 percent stake in Hubei Long Chen, which began production in October last year. The Hubei-based subsidiary is scheduled to receive China’s approval for importing wastepaper by the end of March at the earliest, Long Chen said earlier this month. Its stock rose 0.59 percent in Taipei trading to close at NT$33.9 before the announcement.

INSURANCE

Hepatitis B policy offered

Taiwan Life Insurance Co (台灣人壽保險) yesterday launched the nation’s first insurance policy for hepatitis B patients. The policy is designed to help patients fund their treatment in the earlier phases of the disease, and provide larger lump-sum payouts in the event of a liver transplant or other major procedure, the life insurance arm of CTBC Financial Holding Co (中信金控) said. While insurance firms decline to provide coverage to about 10 percent of prospective clients due to liver disease, such people often have the most urgent need for insurance, it said. A typical policy for a 35-year-old person requires an annual premium of NT$64,647 over 20 years.

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