Taiwan High Speed Rail Corp (THSRC,
THSRC pushed back the fundraising date from the end of last month to Tuesday, but it had only secured NT$5.5 billion by then, leaving it NT$500 million short. The remaining amount will arrive today, the statement said.
THSRC needs to achieve this fundraising target because a consortium of 25 local banks, led by Chiao Tung Bank (交通銀行), has frozen further lending that the company needs to continue the high-speed train project, which is estimated to cost NT$460.9 billion.
THSRC signed a contract with the banking consortium in February 2000 for a NT$323.3 billion syndicated loan.
THSRC has received NT$226.9 billion thus far, Arthur Chiang (
Of the NT$5.5 billion THSRC has managed to raise so far, Fubon Group (富邦集團) has committed to chip in NT$900 million, followed by Evergreen Group (長榮集團) with NT$500 million and Continental Engineering Corp (大陸工程) with NT$400 million.
Fubon, Evergreen and Continental Engineering are among THSRC's five major shareholders. The others are Pacific Electric Wire & Cable (太平洋電線電纜) and Teco Electric & Machinery Co (東元電機).
Last week, China Steel Corp (
THSRC still has another NT$7.5 billion to collect by issuing preferred shares by the end of next month, and the fundraising process is continuing, the statement said.
The 345km-long railway is scheduled to begin service by the end of October.
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