Tue, Oct 29, 2019 - Page 11 News List

Taiwan Business Quick Take

Staff writer, with agencies

FINANCE

NT$1.3 billion repatriated

Twenty-six companies and 15 individuals have applied to repatriate more than NT$15.88 billion (US$519.43 million) since a repatriation bill took effect on Aug. 15, the Ministry of Finance said yesterday. About NT$8 billion has been approved and NT$1.3 billion has so far been repatriated, the ministry said. One company ran into difficulties remitting funds from China and failed to deposit the money in a special account at a local bank within one month as stipulated, so it would have to apply again once the funds are available, the ministry said. The bill provides for a preferential tax rate of 4 percent in the first year and 5 percent in the second year if the pledged investment materializes within a certain time frame.

SOLAR ENERGY

Final trading day set

Gigastorage Corp (國碩科技) yesterday said that the last trading day for its shares would be Nov. 22 as the Solar wafer maker works on a capital reduction program to offset accumulated losses. Trading of the new replacement shares is set to begin on Dec. 2, the company said in a regulatory filing with the Taiwan Stock Exchange. Gigastorage plans to reduce its capital by NT$1.33 billion, or 39.27 percent, to NT$2.06 billion, which would lift its net value from NT$6.8 billion to NT$11.19 billion, the filing said. The company reported consolidated revenue of NT$6.37 billion in the first nine months of this year, down 15.8 percent from the same period last year. It has reported combined losses of NT$4.07 billion over the past two years.

EQUITIES

FII net purchases continue

Foreign institutional investors (FII) yesterday bought a net NT$6.94 billion of shares on the main bourse, the 11th consecutive session of net purchases of shares, the Taiwan Stock Exchange said. That helped the TAIEX close 18.9 points, or 0.17 percent, higher at 11,315.02 on turnover of NT$112.621 billion, the exchange said. Since the beginning of this month, foreign investors have purchased a net NT$104.38 billion of local shares, exchange data showed. Dealers said that the TAIEX staged a mild rebound and closed above 11,300 points as the prospects of a first-phase trade deal between the US and China being signed next month buoyed investors.

ENERGY

Sinwu facility unveiled

Papermaking conglomerate YFY Inc (永豐餘控股) has unveiled the nation’s largest biogas production system in northern Taiwan, which is expected to supply power to about 10,000 households when it becomes fully operational next year. The plant in Taoyuan’s Sinwu District (新屋) consists of three biogas-powered generators that can produce 28,000m3 of biogas and provide 3,960 kilowatts of power per day, the company has said. Two of the three generators are operational, with the third scheduled for completion in the third quarter of next year, the firm said.

TRADE

Vietnam imposes new duties

Vietnam yesterday slapped five-year tariffs on Chinese and South Korean color-coated steel products, with anti-dumping duties of 2.53 percent to 34.27 percent for Chinese products, and 4.71 percent to 19.25 percent for South Korean goods, the Vietnamese Ministry of Industry and Trade said. The move follows a five-year extension of anti-dumping duties on some cold-rolled stainless steel products from Taiwan, China, Indonesia and Malaysia, the ministry said last week.

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