Roo Hsing probe hits shares
Shares of denim jeans maker Roo Hsing Co Ltd (如興) yesterday fell by the daily maximum to NT$13.25 after investigators searched the company’s offices on Friday last week over its US$388 million acquisition of Chinese apparel maker JD United Holdings Co (玖地集團) in 2017. Roo Hsing chairman Chen Shih-hsiu (陳仕修) was questioned by prosecutors on Friday over NT$1.4 billion (US$45.01 million) the firm accepted from the National Development Fund to make the acquisition, when allegedly JD United is taking control of Roo Hsing, which would be a breach of the Securities and Exchange Act (證交法). Chen was released on NT$5 million bail on Saturday. Roo Hsing said that the investigation would not affect its business.
ASE unit wins award
Advanced Semiconductor Engineering Inc (日月光半導體), a unit of ASE Technology Holding Co (日月光投資控股), yesterday said that US chip designer Analog Devices Inc (ADI) named it one of its top suppliers. The chip packaging and testing service provider said it received a top award at ADI’s inaugural suppliers’ day on Friday last week. ADI named Advanced Semiconductor Engineering its top contract manufacturer in the back-end category, joining 18 other award winners. Taiwan Semiconductor Manufacturing Co (台積電) was named its top contract manufacturer in the front-end category, ADI said.
CSC income falls 41%
China Steel Corp (CSC, 中鋼) yesterday reported that its operating income dropped by 41 percent to NT$1.06 billion last month on a monthly basis, while net profit declined 14 percent to NT$1.47 billion. China Steel sold 805.204 tonnes of carbon steel last month, with domestic sales contributing 68 percent. Revenue fell 9 percent to NT$29.35 billion, it said. In the first six months, operating income and net profit declined 29 percent and 24 percent respectively to NT$10.56 billion and NT$10.53 billion. Cumulative revenue in the period was NT$191.11 billion, down 1 percent from NT$193.71 billion a year earlier, it said.
Sinyi Q2 profit surges
Sinyi Realty Inc (信義房屋), the nation’s only publicly listed real-estate broker, yesterday said its second-quarter net profit reached NT$405.97 million, or earnings per share (EPS) of NT$0.55. Net profit in the same period last year was NT$255.91 million, or EPS of NT$0.37, company data showed. Sinyi’s revenue rose 46.75 percent from a year earlier to NT$3.32 billion. The company’s net profit in the first half of the year was NT$827.46 million, an annual increase of 77.55 percent, or EPS of NT$1.12, the company said.
Mobiletron announces sales
Mobiletron Electronics Co (車王電子), which manufactures battery management systems for vehicles, yesterday said it sold 11 electric buses to South Taiwan Bus Co (南台灣客運) in the first half of the year and would deliver three more this year. The company sold 12 units last year. A company official told the Taipei Times that Mobiletron is confident it would win contracts for government-run electric bus projects this year once new subsidy plans are announced next month. The company plans to start construction of a new plant at the Port of Taichung Export Processing Zone next month, with a trial run scheduled in the fourth quarter next year and mass production expected in early 2021, it said.
Polytronics Technology Corp (聚鼎科技) yesterday announced that it is buying Henkel AG’s thermal clad dielectric material (TCLAD) business division for US$26 million as the Taiwanese firm aims to improve its technology, product portfolio and revenue performance. Polytronics, headquartered in the Hsinchu Science Park (新竹科學園區), is a supplier of protection components and heat dissipation materials. The firm entered the metallic heat-dissipation substrate market in 2007 and developed a unique solventless production process. Its board of directors approved signing an agreement with Henkel to acquire the German chemical firm’s TCLAD division in the US. The purchase includes all assets and business interests, including equipment,
SIZE MATTERS: Medium-sized hotels that do not have the support of parent groups are more vulnerable and are forced to take action, a REPro Knight Frank researcher said About 50 hotels across Taiwan are seeking to exit the market as they succumb to the bleak business outlook amid international travel restrictions imposed to combat the COVID-19 pandemic. Yomi Hotel (優美飯店) on Minsheng E Road, Sec 1, in Taipei is seeking to transfer ownership with an asking price of NT$950 million (US$32.15 million) and a pledge for a lease contract that guarantees a 3 percent return. The budget hotel, with room rates that start from NT$1,400 per night, maintains normal operations, but has been struggling since March, when the government placed restrictions on inbound and outbound travel. Occupancy rates for hotels in
With the US dollar expected to weaken in the next 12 months due to near-zero interest rates, investors should consider purchasing US corporate bonds, Standard Chartered Bank Taiwan Ltd (渣打台灣銀行) said on Thursday. The bank said that the US Federal Reserve since last month has been buying bonds issued by US companies to curb default rates. The US dollar is forecast to be weaker against the pound, the euro and the yen, as well as the Canadian dollar, the Swedish krona and the Swiss franc, as the greenback lacks high investment returns after the Fed in March slashed the benchmark interest rate
A Bollywood actor’s face tattooed on his arm, Sandeep Bacche’s devotion shocks few in India where stars enjoy semi-divine status, but even there the hallowed silver screen might be losing its shine to streaming services and pandemic fears. “Whenever things get better and theaters begin operations, I will watch three movies a day for sure just as a way to celebrate,” said the Mumbai rickshaw driver, who is recovering from the virus himself. However, others might not join the party. With cinemas shut for months due to a COVID-19 lockdown, and little prospect they will reopen soon, frustrated Bollywood producers have turned to