Fri, Sep 21, 2018 - Page 11 News List

Taiwan Business Quick Take

Staff writer and Bloomberg

SEMICONDUCTORS

PMI mulling sale

Precision Motion Industries Inc (PMI, 銀泰科技), whose components are used in semiconductor equipment, is exploring a sale that could value the Taiwanese company at more than US$1 billion, people familiar with the matter said. PMI is working with a financial adviser on the potential deal, said the people, who asked not to be identified because the deliberations are private. The company has attracted interest from private-equity firms and other industrial companies, one of the people said. Any deal would add to the US$4.5 billion of announced acquisitions of Taiwanese companies this year, compared with US$3.9 billion during the same period last year, data compiled by Bloomberg showed. In July, a consortium led by KKR & Co agreed to acquire Taipei-based LCY Chemical Corp (李長榮化工) in a deal valued at NT$47.8 billion (US$1.6 billion). Deliberations on any sale of Taichung-based PMI are at an early stage, and the company could still decide against a deal, the people said. PMI did not immediately respond to requests for comment.

ELECTRONICS

Largan shares fall 1.68%

Shares in smartphone lens maker Largan Precision Co (大立光) jolted yesterday as the company hinted at poorer-than-expected demand from some of its clients. The company has not ruled out a dip in revenue for this month. The stock yesterday fell 1.68 percent to NT$3,800 in Taipei trading. Analysts also voice concerns about the company, a key supplier to Apple Inc, as the high price of newly launched OLED iPhones could drive consumers toward cheaper or older models, which are not equipped with the company’s most advanced lenses. The stock also tumbled by the maximum 10 percent limit on Tuesday, as investors were spooked by a massive stake transfer by the company’s founding family. Largan later clarified that the transfer of 6.09 million shares is part of the Lin (林) family’s long-term financial plan to ensure sustainable development, and the move would not affect its day-to-day operations.

RESTAURANTS

A Cut plans French outing

A Cut Steakhouse at the Ambassador Hotel (國賓大飯店) is to team up with France’s iconic restaurant La Pyramide to offer special seven-course meals priced at NT$8,000 per set next month, the hotelier said. The gastronomic event from Oct. 25 to Oct. 27 reflects the steakhouse’s belief that there is ample demand for fine dining among local foodies as evidenced by a decade-high number of guests in the first half of the year, it said. The steakhouse’s cooking staff are to visit France this month to learn from La Pyramide so that they can wow local customers next month, it said.

INSURANCE

Allianz signs Olympic deal

Allianz SE is to join the Olympic Partner Program in 2021 to provide insurance solutions for Olympic teams and athletes. Allianz said it is to work with the International Olympic Committee to support the Olympic movement with the ambition of providing insurance solutions to national Olympic committees around the world, as well as their Olympic teams and athletes. The support will include existing products, such as fleet and property and casualty insurance, but also insurance solutions for future products and services driven by technological changes, the firm said. The partnership is to run from 2021 through to 2028.

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