Taiwan Cement delays purchase
Taiwan Cement Corp (台泥), the nation's largest cement maker, said it had to delay acquiring Hong Kong-listed Chia Hsin Cement Greater China Holding Corp (嘉新水泥中國控股) for two weeks as it failed to complete purchasing more than 90 percent of outstanding shares as required by the Hong Kong Exchanges and Clearing Ltd.
Taiwan Cement was slated to complete the acquisition on Tuesday, but had to apply for a two-week extension to Oct. 16, president Huang Chien-chiang (黃健強) said yesterday.
Taiwan Cement has acquired 71.56 percent of Chia Hsin from the company officials and major shareholders, Huang said. The company also bought 75 percent of Chia Hsin's outstanding shares, but to delist Chia Hsin from the Hong Kong bourse and conclude the acquisition, Taiwan Cement needs to purchase more than 90 percent of its outstanding shares, Huang said.
Taiwan Cement hopes to integrate and expand its Chinese business through the buyout. After the merger, its production in China is expected to reach 50 million tonnes per year, the company predicted earlier.
Chi Mei to buy Tainan stock
The nation's second-biggest liquid-crystal-display (LCD) panel maker Chi Mei Optoelectronics Co (奇美電子) yesterday said it would obtain a 67 percent stake in a small-and-medium panel module company for NT$1.5 billion to benefit from fast-growing demand.
In a filing to the Taiwan Stock Exchange, Chi Mei said it would buy 150 million shares of Chi Hsin Electronics Corp (奇信電子), based in Tainan, at NT$10 per share.
The price of small-and-medium displays rose 20 percent to US$1,052 in the second quarter from a year ago due to growing demand for panels used in media players, portable DVD players and PDAs, Austin, Texas-based market researcher DisplaySearch said.
Intrinsyc opens Taipei office
Vancouver-based Intrinsyc Software International Inc has opened its first Asian operation in Taipei to expand its business in the Asia-Pacific region, the Ministry of Economic Affairs said in a statement yesterday. The permanent Taipei Office was opened last Thursday, according to a company release.
The office will serve as a business and engineering hub, providing local Soleus software support and wireless engineering services to Asia-Pacific customers, the release said. The company also announced that it had signed its first engineering services agreement with a leading Taiwan-based original equipment manufacturer of wireless handheld devices, without naming the company.
"The announcement of Intrinsyc's first Taiwan-based wireless engineering services win, to be fulfilled by our Taiwan operation, is an important milestone for our business ramp in Asia," Glenda Dorchak, chairman and CEO of Intrinsyc, said in the release.
"Supported by the opening of our Taipei office and a strong local engineering team, we provide our existing Soleus customers and prospective customers with a full wireless software and service offering that delivers greater flexibility, faster time to market and lower development costs," she said.
MOE invites companies
The Ministry of Economic Affairs has invited three more information technology service companies to join its "Best E-Services export of Taiwan" (BEST) Flagship Program, in which the ministry will help firms in this sphere boost their exports and elevate their competitiveness.
From last year, seven projects involving 46 information technology service companies under the program have increased revenue of NT$3 billion (US$92,880), with NT$1.7 billion going for exports.
Softbank Group Corp plans to keep a stake in the chip designer Arm Ltd, even if it sells a partial interest to Nvidia Corp, the Nikkei reported. The companies are negotiating terms, the newspaper reported, citing sources. Softbank might take a stake in Nvidia after it buys Arm, the report said. Nvidia and Arm might also merge through a share swap, and Softbank would become a major shareholder in the combined company, it said. The two parties aim to reach a deal in the next few weeks, the sources said, asking not to be identified because the information is private. Nvidia is the
END TO SPECULATION: The hotel’s management contract has been extended, despite reports that it wanted to end its alliance with Hyatt Hotels over a deal with Riant Capital Singapore-based Hong Leong Hotel Development Ltd (豐隆大飯店股份) yesterday said it has extended a management contract to ensure the continued presence of the Grand Hyatt brand in Taipei, ending rumors that the two sides were parting ways. “We are pleased Hyatt is able to come to terms on the extension of the management contract of Grand Hyatt Taipei,” said Kwek Leng Beng (郭令明), executive chairman of City Developments Ltd (城市發展) and Millennium & Copthorne Hotels Ltd (千禧國敦酒店). Hong Leong Hotel Development is a subsidiary of Millennium, and both fall under the Hong Leong Group (豐隆集團). The Grand Hyatt Taipei (台北君悅大飯店), owned and built by
Gold surged to a fresh record on Friday, fueled by US dollar weakness and low interest rates, while silver headed for its best month since 1979. Spot bullion is up more than 10 percent this month, as US real yields lingered near record lows. While the ferocity of rallies in gold and silver cooled in the middle of the week, most market watchers predict there might be more gains ahead. Both metals have added about 30 percent this year, with gold and silver exchange-traded funds boosting holdings to a record, as concern about the fallout from the COVID-19 pandemic fuels demand for
MOVING FROM CHINA? The article did not name the company, but Foxconn, Wistron and Pegatron were among firms chosen for a production-linked incentive plan in India An Apple Inc vendor is looking at shifting six production lines to India from China, which could result in US$5 billion of iPhone exports from the South Asian nation, the Times of India reported, citing people familiar with the matter who it did not identify. The establishment of the facility would create about 55,000 jobs over about a year, the newspaper reported, not naming the Apple vendor. It would also cater to the domestic market and expand operations to include tablets and laptops, the newspaper reported. Samsung Electronics Co and Apple’s assembly partners are among 22 companies that have pledged 110 billion