Kuo Hua Life Insurance Co (
The unit of Hualon Corp (
"The share issue is not canceled, but delayed as we didn't follow proper procedures," Wang said.
Although the sale is not to the public, SFC permission is still required, and the delay in approval could force Hualon to sell Taiwan's fifth-biggest insurer by sales to either National Mutual Life Insurance Co (
Wang denied there had been sale talks with ING, though he said the insurer had held talks with National Mutual -- something that AXA denied.
"AXA is not in talks with Kuo Hua," said John Snelgrove, general manager of corporate affairs for AXA China.
The insurer meanwhile cut the annual return it offers on policies to 4 percent from between 5.5 percent and 6 percent in a bid to lower costs, Wang of Kuo Hua said.
Hualon, sought government intervention on Thursday to delay repayment of its loans and bounced a check it wrote for NT$102 million (US$3 million).
The bounced check was drawn on Hualon's account at Baodao Commercial Bank (
Hualon has asked the Ministry of Finance to mediate with creditor banks to lower interest charges and postpone maturity dates on
its loans to help its finances, Yao said.
The ministry has refused to make specific instructions to Hualon's creditor banks, though it will allow banks to conduct their own evaluations, the Central News Agency reported, citing vice finance minister Sean Chen (
Hualon is the latest textile maker to struggle in a shrinking domestic market as garment makers and other customers relocate plants to China and southeast Asia, where production costs are lower.
Hualon lost NT$4 billion last year, compared with a NT$231 million loss in 1999.
The company lost NT$599 million in the first three months of 2001.
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