A planned capital injection of NT$29.7 billion (US$900 million) by US private equity firm SAC Private Capital Group LLC and General Electric Co (GE) to take up a major stake at financially troubled Cosmos Bank (
Technical complications had slowed the capital injection, but Financial Supervisory Commission vice chairwoman Susan Chang (張秀蓮) said that "the private equity firms' capital should come in before the end of December."
Both firms were originally scheduled to inject the full capital by next Wednesday when Cosmos convenes an extraordinary shareholders' meeting.
But the planned capital injection has been delayed by the Ministry of Economic Affairs' review process concerning the transfer of shares resulting from the deal, Chang said.
She dismissed concerns that the government may have to take over Cosmos should the capital injection fail to arrive before the regulator's final deadline.
Cosmos' board meeting and shareholder meeting, respectively in early September and late last month, agreed to sell a combined 80 percent controlling stake to SAC and GE Money -- the consumer lending unit of GE -- for US$650 million and US$250 million respectively.
SAC PEI Taiwan Holdings LLC has agreed to buy 1.65 billion preferred shares of Cosmos at NT$2 each, as well as NT$18.15 billion in convertible financial debentures, the bank said.
GE Capital Taiwan Holdings Inc has also agreed to buy 3.3 billion new common shares of the Taipei-based Cosmos Bank at NT$2 each and NT$1.65 billion in convertible financial debentures.
The domestic unit of the Chinese-owned, Dutch-headquartered chipmaker Nexperia BV will soon be able to produce semiconductors locally within China, according to two company sources. Nexperia is at the center of a global tug-of-war over critical semiconductor technology, with a Dutch court in February ordering a probe into alleged mismanagement at the company. The geopolitical tussle has disrupted supply chains, with some carmakers reportedly forced to cut production due to chip shortages. Local production would allow Nexperia’s domestic arm, Nexperia Semiconductors (China) Ltd (安世半導體中國), to bypass restrictions in place since October on the supply of silicon wafers — etched with tiny components to
Singapore-based ride-hailing and delivery giant Grab Holdings Ltd has applied for regulatory approval to acquire the Taiwan operations of Germany-based Delivery Hero SE's Foodpanda in a deal valued at about US$600 million. Grab submitted the filing to the Fair Trade Commission on Friday last week, with the transaction subject to regulatory review and approval, the company said in a statement yesterday. Its independent governance structure would help foster a healthy and competitive market in Taiwan if the deal is approved, Grab said. Grab, which is listed on the NASDAQ, said in the filing that US-based Uber Technologies Inc holds about 13 percent of
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday received government approval to deploy its advanced 3-nanometer (3nm) process at its second fab currently under construction in Japan, the Ministry of Economic Affairs said in a news release. The ministry green-lit the plan for the facility in Kumamoto, which is scheduled to start installing equipment and come online in 2028 with a monthly production capacity of 15,000 12-inch wafers, the ministry said. The Department of Investment Review in June 2024 authorized a US$5.26 billion investment for the facility, slated to manufacture 6- to 12nm chips, significantly less advanced than 3nm process. At a meeting with
Taiwan is open to joining a global liquefied natural gas (LNG) program if one is created, but on the condition that countries provide delivery even in a scenario where there is a conflict with China, an energy department official said yesterday. While Taiwan’s priority is to have enough LNG at home, the nation is open to exploring potential strategic reserves in other countries such as Japan or South Korea, Energy Administration Deputy Director-General Chen Chung-hsien (陳崇憲) said. While the LNG market does not have a global reserve for emergencies like that of oil, the concept has been raised a few times —
RSS