First ICBC auction fails
The government failed to sell a 32 percent stake in International Commercial Bank of China (中國商銀) when no bidder offered the price it demanded for the nation's seventh-largest lender by assets.
None of the bidders at the auction matched the reserve price of NT$25.50 per share set by the government, according to KGI Securities Co (中信證券), which is arranging the sale. That was 24 percent more than International Commercial's closing price yesterday and valued the bank at about NT$95 billion (US$2.7 billion).
The government will attempt to sell the stake again today, said Sandy Lu, assistant manager at KGI Securities.
CTB Financial Holding Co (兆豐金控), which previously agreed to merge with International Commercial, bid for the stake, said executive vice president Huang Feng-yi (黃豐一).
Local bank opens in China
Taiwan Cooperative Bank (合作金庫) formally opened its first representative office in China yesterday, making it one of four Taiwanese banks that have set up offices across the Taiwan Strait, it said in a statement.
Taiwan Cooperative received approval from the People's Bank of China (人民銀行) to open an office in Beijing in early September. The office will gather information, coordinate with Chinese and Taiwanese businesses and officials and conduct market research.
Eight Taiwanese banks have applied to China to set up offices, which will be allowed to become full branches three years later.
Chi Mei says sales double
Chi Mei Optoelectronics Corp (奇美光電), Taiwan's third-largest maker of flat-panel displays, said sales in October more than doubled from a year ago.
Sales last month rose to NT$3.4 billion (US$98 million) from NT$1.6 billion a year earlier, the company said in a statement.
Chi Mei last week posted third-quarter profit of NT$1.1 billion.
Average selling prices in the fourth quarter will drop 15 percent from the previous three months, the company said.
United to move to Terminal Two
United Airlines will be moving its passenger service at Chiang-kai Shek International Airport to Terminal Two tomorrow, the company said in a statement.
UA's service counters including check-in, information and ticketing counter will be located at Island 2A& 2B, level 3, departure hall, it said. To celebrate the move, UA will host a lucky draw at the boarding gate for passengers departing on the carrier's two daily flights to San Francisco and Tokyo tomorrow, it added.
American Airlines, Air Canada, Air New Zealand, British Asia Airways, Continental, EVA Airways and Qantas Airways have all moved their passenger services to Terminal Two.
Mitac sales rise in October
Mitac International Corp (神達電腦) yesterday announced net sales for October surged 42.9 percent from the previous month to NT$3 billion, according to company spokeswoman Justine Liu (劉宜君).
The October sales is the highest of this year, Liu said. That figure was up 58.7 percent from a year ago.
Mitac, the maker of computers for customers such as Dell Computer Corp, said the company's accumulated revenue for the first 10 months of the year amounted to NT$19.43 billion.
NT dollar drops
The New Taiwan dollar yesterday fell against its US counterpart, declining NT$0.060 to close at NT$34.685 on the Taipei foreign exchange market. Turnover was US$424 million, compared with the previous day's US$450 million.
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