Ting Hsin International Group (頂新集團) on Wednesday gained a bigger stake in Taipei Financial Center Corp (TFCC, 台北金融大樓公司), which owns the Taipei 101 building.
The packaged food maker, registered in the Cayman Islands and owned by Taiwanese, bought 1.45 percent of TFCC shares from Taishin Financial Holding Co (台新金控) for about NT$277 million (US$8.47 million), or NT$13 per share, the financial service provider confirmed yesterday.
As a result of the deal, Ting Hsin, which owns Wei Chuan Foods Corp (味全食品) in Taiwan and the instant-noodle brand Master Kong (康師傅) in China, has acquired 23 percent of TFCC’s shares.
On July 7, the group bought 19.51 percent of TFCC’s shares from China Development Financial Holding Corp (中華開發) for NT$3.735 billion or NT$13 per share.
A week later, it obtained yet another 2.5 percent stake from Taipei-based China Life Insurance Co (中國人壽) for NT$481.4 million, or NT$13 per share. TFCC is expected to reshuffle its leadership lineup during its regular board meeting next month and Ting Hsin is likely to win three board of directors’ seats.
The Ministry of Finance has said it will seek to name the TFCC chairperson in line with its influence in the company, of which the government controls about 40 percent of shares.
Taishin Financial said it agreed to the transaction because the price offered by Ting Hsin was reasonable.
“We welcomed its [Ting Hsin’s] attempt to consolidate TFCC shares,” a Taishin official said by telephone on condition of anonymity. “We got TFCC shares years back to show support for a public construction project. It is time we focus our attention on financial operations.”
Ting Hsin has made clear its intent to buy more TFCC shares, calling it sound asset allocation.
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