Chinatrust Financial Holding Co (
Chinatrust Financial was ordered by the Financial Supervisory Commission last July to offload the holdings -- about 440 million shares -- by July 20, after the company's banking arm was found to have purchased the shares through a flawed process, which included misusing funds and improperly benefiting a third party.
Under the principles of transparency, diversity and market stability, Chinatrust Financial will sell the shares through the open market, in after-hours big-block trading, after-hours auctions and through the issuing of global depositary receipts (GDRs), the company said in a filing to the Taiwan Stock Exchange yesterday.
As the issuance of GDRs will take more time to complete, Chinatrust Financial will seek to use the first three channels to sell the shares, company spokesman Jason Wang (
The share disposal, which will be managed by JP Morgan Chase Bank, will begin on Friday at the earliest, the company said.
Former Chinatrust Financial chief financial officer Perry Chang (
Last month, Jeffrey Koo Jr was placed on the nation's most-wanted list after he refused to return to Taiwan from abroad for questioning by prosecutors.
SHARE TRANSFER
Wang said yesterday that the company had applied to transfer 100 million shares of Mega Financial, which accounts for 0.9 percent of the company's total shares.
To avoid depressing the Mega Financial share price, the shares will mainly be sold to institutional investors with "proper timing," Wang said.
Wang did not elaborate on what "proper timing" meant and only said that the company will observe the market and determine the best time and method to offload the shares.
Shares of Mega Financial rose 1.51 percent to close at NT$23.55 on the Taiwan Stock Exchange yesterday. Shares of Chinatrust climbed 2.71 percent to NT$28.45.
China has claimed a breakthrough in developing homegrown chipmaking equipment, an important step in overcoming US sanctions designed to thwart Beijing’s semiconductor goals. State-linked organizations are advised to use a new laser-based immersion lithography machine with a resolution of 65 nanometers or better, the Chinese Ministry of Industry and Information Technology (MIIT) said in an announcement this month. Although the note does not specify the supplier, the spec marks a significant step up from the previous most advanced indigenous equipment — developed by Shanghai Micro Electronics Equipment Group Co (SMEE, 上海微電子) — which stood at about 90 nanometers. MIIT’s claimed advances last
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) has appointed Rose Castanares, executive vice president of TSMC Arizona, as president of the subsidiary, which is responsible for carrying out massive investments by the Taiwanese tech giant in the US state, the company said in a statement yesterday. Castanares will succeed Brian Harrison as president of the Arizona subsidiary on Oct. 1 after the incumbent president steps down from the position with a transfer to the Arizona CEO office to serve as an advisor to TSMC Arizona’s chairman, the statement said. According to TSMC, Harrison is scheduled to retire on Dec. 31. Castanares joined TSMC in
EUROPE ON HOLD: Among a flurry of announcements, Intel said it would postpone new factories in Germany and Poland, but remains committed to its US expansion Intel Corp chief executive officer Pat Gelsinger has landed Amazon.com Inc’s Amazon Web Services (AWS) as a customer for the company’s manufacturing business, potentially bringing work to new plants under construction in the US and boosting his efforts to turn around the embattled chipmaker. Intel and AWS are to coinvest in a custom semiconductor for artificial intelligence computing — what is known as a fabric chip — in a “multiyear, multibillion-dollar framework,” Intel said in a statement on Monday. The work would rely on Intel’s 18A process, an advanced chipmaking technology. Intel shares rose more than 8 percent in late trading after the
FACTORY SHIFT: While Taiwan produces most of the world’s AI servers, firms are under pressure to move manufacturing amid geopolitical tensions Lenovo Group Ltd (聯想) started building artificial intelligence (AI) servers in India’s south, the latest boon for the rapidly growing country’s push to become a high-tech powerhouse. The company yesterday said it has started making the large, powerful computers in Pondicherry, southeastern India, moving beyond products such as laptops and smartphones. The Chinese company would also build out its facilities in the Bangalore region, including a research lab with a focus on AI. Lenovo’s plans mark another win for Indian Prime Minister Narendra Modi, who tries to attract more technology investment into the country. While India’s tense relationship with China has suffered setbacks
RSS