Silitech to reduce capital
Handset keypad supplier Silitech Technology Corp’s (閎暉) board on Monday approved a proposal to reduce the company’s capital by 66.55 percent to refund cash to shareholders and adjust the company’s capital structure to increase returns on equity. In a regulatory filing, Silitech said it would cut its capital by NT$1.19 billion (US$38.7 million) by canceling 119.38 million shares and return NT$6.66 per share to shareholders. The company also decided not to propose distributing a cash dividend for last year because of losses, although net losses per share narrowed from NT$0.46 in 2017 to NT$0.19 last year. Revenue decreased 1.49 percent year-on-year to NT$2.25 billion.
Getac to pay NT$3 dividend
Rugged PC vendor Getac Technology Corp (神基) said its board of directors yesterday approved a proposal to distribute a cash dividend of NT$3 per share. The dividend payout was based on the company’s earnings of NT$2.21 billion last year, or earnings per share of NT$3.83, the company said in a filing with the Taiwan Stock Exchange. The proposed cash dividend translates to a payout ratio of 78.33 percent and a dividend yield of 6.41 percent based on stock’s closing price of NT$46.8 yesterday. The dividend proposal is to be voted on at the annual shareholders’ meeting on May 31.
SynCore enrolls US patient
SynCore Biotechnology Co (杏國新藥) yesterday announced that SB05PC, its new pancreatic cancer drug, has enrolled its first patient in the US for a global phase III clinical trial across seven nations. The company said that progress made with the US Food and Drug Administration would help with its approval efforts in other markets and that SB05PC has been granted orphan drug status due to a lack of available alternative second-line treatments. Last month, the company enrolled patients in Hungary, Israel and France. It said that its patient enrollment is on track and expected to produce an interim report in the second half of this year.
Milestone payment received
Anxo Pharmaceutical Co Ltd (瑩碩生技) has received its first milestone payment from its unidentified Chinese partner in Guangzhou, the company said yesterday. Anxo did not reveal the amount of the milestone payment. The company has inked collaborations with six Chinese companies to work on 18 new drug projects and they are aiming to take advantage of ongoing regulatory reforms in China to expand the availability of generic drugs in the nation. Drug developers are heading toward a cutthroat battle to make it into the top three for a certain drug class as China adopts harmonized approval standards and requirements. Anxo said that it and the Guangzhou-based company are working on two cardiovascular drugs and a pediatric respiratory drug with a combined potential market value of about 10.5 billion yuan (US$1.57 billion).
M1B grows 6.55 percent
Last month’s M1B — a measure of money in circulation — grew 6.55 percent year-on-year, accelerating from a 5.69 percent increase the previous month, while M2 — which includes the M1B, time deposits, foreign-currency deposits and mutual funds — increased 3.14 percent from 3.07 percent the previous month, mainly because of growth in bank loans, investments and net foreign capital inflows, the central bank said in a statement yesterday.
Softbank Group Corp plans to keep a stake in the chip designer Arm Ltd, even if it sells a partial interest to Nvidia Corp, the Nikkei reported. The companies are negotiating terms, the newspaper reported, citing sources. Softbank might take a stake in Nvidia after it buys Arm, the report said. Nvidia and Arm might also merge through a share swap, and Softbank would become a major shareholder in the combined company, it said. The two parties aim to reach a deal in the next few weeks, the sources said, asking not to be identified because the information is private. Nvidia is the
‘ONE-STOCK SHOW’: Turnover hit an all-time high as TSMC continued to determine the local market’s direction and surpassed Visa in market capitalization The TAIEX early yesterday hit an all-time intraday high on the back of soaring Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) shares, before tumbling back to the previous day’s close as the contract chipmaker could not single-handedly prop up the index. The TAIEX rose more than 400 points in the first 20 minutes of trading to hit a record 13,031.7 points, but later pared its gains to close down 0.01 percent at 12,586.73. Turnover was NT$343.252 billion (US$11.63 billion), the highest in the Taiwan Stock Exchange’s history. TSMC continued to dictate the market’s direction, as its early surge by the daily
Gold surged to a fresh record on Friday, fueled by US dollar weakness and low interest rates, while silver headed for its best month since 1979. Spot bullion is up more than 10 percent this month, as US real yields lingered near record lows. While the ferocity of rallies in gold and silver cooled in the middle of the week, most market watchers predict there might be more gains ahead. Both metals have added about 30 percent this year, with gold and silver exchange-traded funds boosting holdings to a record, as concern about the fallout from the COVID-19 pandemic fuels demand for
MOVING FROM CHINA? The article did not name the company, but Foxconn, Wistron and Pegatron were among firms chosen for a production-linked incentive plan in India An Apple Inc vendor is looking at shifting six production lines to India from China, which could result in US$5 billion of iPhone exports from the South Asian nation, the Times of India reported, citing people familiar with the matter who it did not identify. The establishment of the facility would create about 55,000 jobs over about a year, the newspaper reported, not naming the Apple vendor. It would also cater to the domestic market and expand operations to include tablets and laptops, the newspaper reported. Samsung Electronics Co and Apple’s assembly partners are among 22 companies that have pledged 110 billion