Shin Kong Financial Holding Co (
The investment would be completed by the end of this quarter and was expected to improve Shin Kong Bank's (新光銀行) capital adequacy ratio to 11.84 percent, according to the filing.
Shin Kong Financial expects its banking arm to rake in NT$8 million in the fourth quarter and another NT$161 million next year as a result of the fund injection, it said.
The capital came from the funds the company raised through the issuance of US$250 million of European convertible bonds last December, which was earmarked for acquisition purposes, the company said.
The company may use the funds to help refinance high-cost debt incurred in last year's acquisition of Macoto Bank (
However, the financial group was later forced to change the declared purpose of the funds as a result of the staggered consolidation of the nation's financial sector following protests from unions linked to state-run lenders such as Taiwan Business Bank (台灣企銀), the company said in the statement.
Shin Kong Financial said it planned to use the remaining NT$4.57 billion to acquire rivals such as MasterLink Securities Corp (
Shin Kong said it would acquire MasterLink shares on the open market and the two companies reportedly expressed strong interest in a partnership after the chairman of Shin Kong Financial, Eugene Wu (
Shin Kong Financial reported earnings of NT$5.88 billion, or NT$1.36 per share, for the first half of this year. Shares of Shin Kong dropped 1.8 percent to close at NT$18.7 yesterday.
ASML Holding NV’s new advanced chip machines have a daunting price tag, said Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), one of the Dutch company’s biggest clients. “The cost is very high,” TSMC senior vice president Kevin Zhang (張曉強) said at a technology symposium in Amsterdam on Tuesday, referring to ASML’s latest system known as high-NA extreme ultraviolet (EUV). “I like the high-NA EUV’s capability, but I don’t like the sticker price,” Zhang said. ASML’s new chip machine can imprint semiconductors with lines that are just 8 nanometers thick — 1.7 times smaller than the previous generation. The machines cost 350 million euros (US$378 million)
EXPLOSION: A driver who was transporting waste material from the site was hit by a blunt object after an uncontrolled pressure release and thrown 6m from the truck Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) said yesterday there was no damage to its facilities after an incident at its Arizona factory construction site where a waste disposal truck driver was transported to hospital. Firefighters responded to an explosion on Wednesday afternoon at the TSMC plant in Phoenix, the Arizona Republic reported, citing the local fire department. Cesar Anguiano-Guitron, 41, was transporting waste material from the project site and stopped to inspect the tank when he was made aware of a potential problem, a police report seen by Bloomberg News showed. Following an “uncontrolled pressure release,” he was hit by a blunt
Quanta Computer Inc (廣達), which makes servers and laptop computers on a contract basis, yesterday said it expects artificial intelligence (AI) devices to bring explosive growth to Taiwan’s electronics industry, as AI applications are starting to run on edge devices such as AI PCs. Taiwanese electronics manufacturers such as chipmakers, component suppliers and hardware assemblers are likely to benefit from a rapid uptake of AI applications, Mike Yang (楊麒令), president of Quanta Cloud Technology Inc (雲達科技), a server manufacturing arm of Quanta, told reporters on the sidelines of a technology forum in Taipei yesterday. “I believe the growth potential is promising once
RETALIATION: Beijing is investigating Taiwan, the EU, the US and Japan for dumping, following probes of its market, as well as tariff hikes on its imports The Chinese Ministry of Commerce yesterday said it had launched a dumping investigation into imports of an important engineering chemical from Taiwan, the EU, the US and Japan. It would probe imports of polyoxymethylene copolymer, a thermoplastic used in many precision parts used in phones, auto parts and medical equipment, the Chinese commerce ministry said. The ministry is reviewing materials provided by six Chinese companies that applied for assistance on behalf of the industry on April 22, it said. The probe will target polyformaldehyde copolymer imported from suppliers in the EU, the US, Taiwan and Japan last year, and will assess any damage