Tue, Feb 06, 2018 - Page 11 News List

Taiwan Business Quick Take

Staff writer

CHEMICALS

Swancor to buy back shares

Materials manufacturer and wind farm developer Swancor Holding Co Ltd (上緯) yesterday said its board of directors has approved a share buyback program to reward employees. The company plans to spend up to NT$126 million (US$4.3 million) to purchase 1 million shares — or 1.1 percent of its total outstanding shares — at between NT$64 and NT$126 per share from today through April 3, it said in a filing with the Taiwan Stock Exchange. Swancor shares yesterday closed at NT$79.30 in Taipei trading.

FOREIGN EXCHANGE

Reserves rise on weak US$

The nation’s foreign-exchange reserves amounted to US$455.72 billion at the end of last month, increasing by US$4.22 billion from December, the central bank said yesterday. The bank attributed the increase to the appreciation of the euro and other reserve currencies against the US dollar. Foreign-exchange reserves denominated in these currencies were worth more in terms of the base currency, the US dollar, the bank said. In addition, returns from foreign-exchange reserves management and net foreign capital inflows contributed to the increase, the bank said.

PAPER

Long Chen profit weakens

Industrial papermaker Long Chen Paper Co (榮成紙業) yesterday posted revenue of NT$4.07 billion for last month, a 27.3 percent increase from the same period last year, according to a company statement. However, operating income plunged 70.9 percent from a year earlier to NT$159 million, dragged down by rising material costs in China. Long Chen, which has cemented its position in eastern China’s papermaking industry, had a 4.1 percent share of the Chinese market in 2016, company data showed. The papermaker’s stock price yesterday slid 1.72 percent to close at NT$34.20 on the main board.

AUTO PARTS

Globaltek surges on debut

Shares of Globaltek Fabrication Co Ltd (時碩) yesterday made a stellar debut on the local bourse, rising 32 percent from their initial public offering price of NT$60. The shares closed at NT$79.20 on the Taiwan Stock Exchange, outperforming the TAIEX, which dropped 1.62 percent. Founded in 2000, Globaltek is a precision metal parts manufacturer focused on the automotive, industrial and aviation sectors. Its clients include global tier-1 vendors, such as Autoliv Co, Key Safety Systems Inc, Litens Automotive Group Ltd, Magna International Inc, BorgWarner Inc, Emerson Electric Co and Honeywell International Inc. Revenue for last year grew 24.65 percent year-on-year to NT$3.34 billion, with the automotive sector contributing 70 percent, the industrial sector 22 percent and the aviation sector 8 percent.

BANKING

DBS country head to retire

DBS Bank Taiwan yesterday said general manager and country head Jerry Chen (陳亮丞) is to retire by the end of this year and global product division chief Lin Hsin-chuan (林鑫川) is to take over his management duties from June 1. Chen has steered the local subsidiary of the Singaporean lender since July 2008. Chen is to serve as an adviser until the end of the year to help the transition, the bank said. Lin, who joined DBS in 2001, is familiar with the local market and would help the bank expand its presence in Taiwan, the lender said. The personnel reshuffle needs to be approved by the Financial Supervisory Commission.

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