Tue, Oct 23, 2018 - Page 11 News List

Taiwan Business Quick Take

Staff writer, with agencies

INSURANCE

TRA policy sufficient

Mingtai Fire and Marine Insurance Co (明台產險), which leads 13 other companies in offering passenger liability insurance for the Taiwan Railways Administration (TRA) this year, yesterday said that the maximum benefits for a single accident was set at NT$200 million (US$6.47 million) in the policy, which should be sufficient to pay every victim of Sunday’s derailment. The firms said that people who died or were disabled as a result of the accident would receive a compensation of NT$2.5 million, while the injured would receive NT$400,000.

EQUITIES

Foreign investors in sell-off

The Taiwan Stock Exchange yesterday said that foreign institutional investors sold a net NT$41.45 billion of shares last week, with China Development Financial Holding Corp (中華開發金控), Hon Hai Precision Industry Co (鴻海精密) and Taiwan Semiconductor Manufacturing Co (台積電) seeing the highest net selling by foreign investors. Market capitalization of the shareholdings owned by foreign investors was NT$11.56 trillion as of Friday, or 40.41 percent of the total market capitalization, the exchange said. Foreign investors bought a net NT$18.99 million of local shares yesterday.

ELECTRONICS

Hon Hai share price set

Hon Hai Precision Industry Co (鴻海精密) shares, which were suspended for six days from Thursday last week due to a capital reduction, would have a reference opening price of NT$82.60 upon resuming trading on Friday, the Taiwan Stock Exchange said. Hon Hai in May announced plans to reduce its capital by 20 percent to improve its cash dividend yield for shareholders. The firm’s shares closed at NT$68.10 on Wednesday last week, the lowest level in seven years.

COMPONENTS

Chilisin revenue soars

Passive component maker Chilisin Electronics Corp (奇力新) yesterday posted a net profit of NT$513 million, or earnings per share of NT$2, for last month, on revenue of NT$2.04 billion, up 72.8 percent year-on-year, it said in a company filing with the Taiwan Stock Exchange. Chilisin had been requested to release its latest financial figures after its shares plunged 11.79 percent to NT$87.5 over the past five trading days, surpassing the ceiling of 5 percent set by the exchange before listed companies have to issue a financial disclosure.

ENERGY

SGRE to supply Orsted

Denmark’s Orsted A/S yesterday selected Siemens Gamesa Renewable Energy (SGRE) as the preferred supplier for its 900 megawatt offshore wind farms off the cost of Changhua County, the companies said. SGRE is committed to deliver locally produced wind turbine towers with Chin Fong Machine Industrial Co (金豐機器工業), its Taiwanese partner. SGRE would also accelerate the development of a local nacelle assembly facility near Taichung Harbor to meet Orsted’s goal of commencing the wind farm’s construction by 2021.

BANKING

Mega to halt Iran payments

Mega International Commercial Bank (兆豐銀行), the banking arm of state-run Mega Financial Holding Co (兆豐金控), is to immediately terminate its payment clearing mechanism between Taiwan and Iran in response to the US’ sanctions, a senior official said yesterday. In August, Mega International said that its business with Iran is too sensitive and “we should no longer get involved in it.”

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