Tue, Apr 03, 2018 - Page 11 News List

Taiwan Business Quick Take

Staff writer, with CNA

STOCK EXCHANGES

TPEX to hold HK conference

The Taipei Exchange (TPEX) yesterday said it is organizing a large overseas investors’ conference to attract more foreign institutional investors. Joining forces with Capital Securities Corp (群益金鼎證券), one of the nation’s largest securities houses, TPEX is to hold a two-day investor conference in Hong Kong on Thursday and Friday next week covering 17 companies listed on the local market, TPEX said. Representatives from a wide range of industries are to hold about 270 separate meetings with interested foreign institutional investors at the event, the exchange said. Foreign institutional investors that attend the meetings run investment funds worth about US$580 billion. After the conference in Hong Kong, the TPEX plans to hold similar events in Japan and Malaysia. Foreign institutional investors accounted for 22.6 percent of the market’s total value last year.

FASTENERS

QST to acquire Chinese unit

QST International Corp (恒耀), which produces and distributes fasteners, yesterday said it would spend US$64 million to acquire its Chinese subsidiary Boltun BVI Corp to simplify its management structure. QST has a 55 percent stake in the Chinese unit, which last year generated revenue of 770 million yuan (US$122.7 million) and a net profit of 125.16 million yuan, company data showed. The acquisition is to be complete in the third quarter of this year, QST said in a filing with the Taiwan Stock Exchange. The fastener maker said in a separate filing that it is planning to take out a syndicated loan of between NT$2 billion and NT$3 billion (US$68.6 million and US$102.9 million).

TELECOMS

FET unveils new rate plans

Far EasTone Telecommunications Co (FET, 遠傳電信) yesterday unveiled new rate plans for subscribers, who can get free membership at Fitness Factory (健身工廠) or free training programs. FET hopes the new offering would help boost average revenue per user. FET subscribers can choose to sign a service contract with a minimum monthly fee of NT$599, NT$999 or NT$1,399 for 30 months. Most telecoms used to subsidize the price of handsets to retain users, but they have shifted their subsidies to purchases of items beyond mobile phones. Hair dryers, Dyson vacuum cleaners and Gogoro electric scooters are all on FET’s subsidy list.

HOSPITALITY

Shining opens Nanjing hotel

Shining Group (鄉林集團), the parent group of The Lalu (涵碧樓), a luxury hotel brand, yesterday opened a new property in Nanjing, China, as it seeks to boost its presence in the Chinese market and on the world stage. The Lalu Nanjing is the brand’s third outlet after the Lalu Sun Moon Lake in Nantou County and a property in China’s Qingdao. Shining Group chairman Lai Cheng-yi (賴正鎰) said the group is separating its property development from its hospitality business as the latter grows in scale and earnings contribution. The hospitality arm next plans to open an outlet in Chengdu and is mulling a Chinese initial public offering.

STEELMAKERS

Yieh Phui proposes dividend

Yieh Phui Enterprise Co (燁輝) yesterday said its management team has proposed distributing a cash dividend of NT$0.2 based on last year’s net profit of NT$1.37 billion, or earnings per share of NT$0.75. The firm plans to hold its annual shareholders’ meeting on June 21 to discuss the dividend proposal. Yieh Phui shares yesterday edged up 0.47 percent to close at NT$10.8 in Taipei trading.

Comments will be moderated. Keep comments relevant to the article. Remarks containing abusive and obscene language, personal attacks of any kind or promotion will be removed and the user banned. Final decision will be at the discretion of the Taipei Times.

TOP top