Tue, Feb 27, 2018 - Page 11 News List

Taiwan Business Quick Take

Staff writer

BANKING

Mega Bank signs loan deal

State-run Mega International Commercial Bank (兆豐銀行) yesterday said it has inked a syndicated loan contract with General Interface Solution (GIS) Holding Ltd (業成控股) so the borrower can expand. Seven other lenders, including DBS Bank, Chang Hwa Commercial Bank (彰化銀行) and Bank of Taiwan (台灣銀行), also took part in the US$300 million syndicated loan over three years, Mega Bank said in a statement. GIS designs, manufactures and sells touch and LCD display modules in Asia, the US and Europe. Its products are used in wearable devices and smartphones.

STEELMAKERS

CSC income surges 42%

China Steel Corp (CSC, 中鋼), the nation’s only integrated steelmaker, yesterday said its pretax income last month jumped 42 percent to NT$2.33 billion (US$79.7 million) from NT$1.63 billion the previous year, supported by rising steel prices. Revenue rose 30 percent year-on-year to NT$32.82 billion from NT$25.16 billion, a company statement said. Operating income over the period increased 17 percent year-on-year to NT$2.48 billion from NT$2.12 billion, it said. The company, which sold 971,312 tonnes of steel products last month, is scheduled to announce its latest price adjustments for deliveries in the second quarter today. CSC shares yesterday fell 1.22 percent to close at NT$24.2 in Taipei trading before the earnings announcement.

TOURISM

Life Travel to issue shares

Life Travel & Tourist Service Co Ltd (五福旅遊), a travel consultancy firm, yesterday said its board has approved a plan to raise capital of between NT$86.3 million and NT$103.56 million through the issuance of nearly 3.45 million new shares in a bid to replenish its operating capital. The company plans to price the new shares at between NT$25 and NT$30, according to a filing with the Taiwan Stock Exchange. The company’s shares yesterday edged up 0.43 percent to close at NT$39.5 on the emerging market.

INTERNET

Tissue paper sales rocket

PChome Online Inc (網路家庭) yesterday said it has sold 50,000 cartons of tissue paper in the past three days ahead of a price increase, with sales surging 22-fold compared with the same period last month. The firm sold more than 30,000 cartons of tissue paper on Saturday last week, PChome, the nation’s largest online shopping portal, said in a statement. About 95 percent of the tissue paper listed on PChome’s Web site has sold out, the company said, adding that it started restocking the products yesterday. The average daily sales of tissue paper were about 1,000 cartons before the news of the price increase broke last week, PChome said.

TEXTILES

Roo Hsing to buy stake

Jeans manufacturer Roo Hsing Co Ltd (如興) yesterday said it is to spend up to US$50 million to indirectly acquire a 53.41 percent stake in Chuwa Wool Industry Co Ltd (中和羊毛), in a strategy to expand the company’s presence in the textile industry. The acquisition is to be made through Roo Hsing’s planned investment in Keen Power Investment Ltd (Samoa) and Sparkling Asia Ltd (Belize), the company said in a filing with the Taiwan Stock Exchange. The transaction is expected to be completed this quarter, the Central News Agency quoted the company as saying.

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