State-controlled Mega Financial Holding Co (
McKinney Tsai (
Liu's comments came after the ministry queried Tsai, as well as Bank of Taiwan chairman Hsu Teh-nan (
Mega Financial, the nation's third-largest financial services provider has previously said it would adopt a "wait and see" attitude before increasing investments in Taiwan Business, citing the bank's large pool of bad debt and management issues.
In yesterday's discussion, both the Bank of Taiwan (台灣銀行), which holds 20.72 percent in Taiwan Business, and First Financial Holding Co (第一金控), which owns around 2.4 percent, said they would only finalize the share purchase decision by the cut-off date in November, depending on Taiwan Business' share price.
If state-run financial institutions refuse to participate in the recapitalization, the shares will be offered on the open market, Liu said.
Mega Financial kpet mum on most of the details of the share purchase plan when contacted by the Taipei Times last night.
"We will start evaluation and send the results to the board of directors, once the ministry gives the go-ahead," Mega Financial spokesman Joseph Shieh (
The amount of Mega Financial's investment depends on the ministry, Shieh said.
The company's holdings could increase to as much as 36.48 percent of Taiwan Business if it purchases all the shares up for grabs in the fundraising activity -- a pool worth NT$10 billion.
Mega Financial applied to the financial regulator in December last year to buy a stake in Taiwan Business.
At that time, it was discussing a buy-in range between 5 percent and 26 percent within one year for a total of NT$10 billion at no higher than NT$9 per share.
Shieh declined to comment whether the company would stick to its original plan to buy up to 26 percent by the deadline three months from now, adding that this would depend on Taiwan Business' asset quality and share prices.
It ws reasonable as long as their shareholding stayed in the stipulated range, he added.
However, the company's plan is partially dependent on regulatory decisions. The Financial Supervisory Commission said last month it is mulling whether to require financial holding companies to acquire a controlling stake of 25 percent in "target" firms. Companies that cannot reach this limit will be obliged to offload their shares.
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