Nan Shan bid extended
A consortium led by China Strategic Holding Ltd (中策集團) and Primus Financial Holding Co yesterday extended its share purchase agreement signed with American International Group (AIG) to take up the US insurer’s 97.57 percent stake in Nan Shan Life Insurance Co (南山人壽).
In accordance with the newly agreed amendment, the stake purchase agreement will be extended for another three months to Oct. 12 from the earlier deadline of July 12, Primus Financial said in a press statement.
“This is a sign to the Taiwan authorities and to Nan Shan of our commitment to the future of the company,” chairman and co-CEO of the Hong Kong-based consortium Robert Morse said in the press statement.
By extending the completion date, endorsed by AIG, all the necessary steps will be ensured to facilitate a delayed regulatory approval in closing the Nan Shan transaction, he added.
The deal’s regulatory review has been delayed because of the consortium’s controversial stakeholders, some of whom are suspected of being China-based, which posed concerns to both Nan Shan employees and the public.
Citigroup shuffles management
Citigroup Inc yesterday finalized its promotion of Citibank Taiwan Ltd’s (花旗台灣) president Victor Kuan (管國霖) as its national officer in Taiwan, replacing the local subsidiary bank’s outgoing chairman, Morris Li (利明獻).
Li has been appointed to take up the presidency at Guangdong Development Bank (廣東發展銀行), 20 percent-owned by Citigroup, the bank said yesterday in a press statement.
The US parent bank will later announce a decision on the appointment of the chairmanship at Citibank Taiwan.
The bank, in the statement, expressed confidence in Kuan’s capability to tend to its day-to-day operation after having worked at the bank for 17 years.
It also announced the appointment of Christie Chang (張聖心), who has worked with the bank for more than 20 years, to head its institutional clients group.
Pegatron shares popular
Pegatron Corp (和碩聯合), the manufacturing unit spun off from Taipei-based Asustek Computer Inc (華碩), attracted 15 percent more shares than offered in its initial public offering, Asustek said in a filing to the Taiwan Stock Exchange.
Pegatron received offers for 3 million more shares than the 20 million offered, the statement said.
The shares will be listed on the stock exchange on Thursday at NT$36 (US$1.13) each.
CAL launches Xiamen service
China Airlines (CAL, 華航), the nation’s largest carrier, said yesterday it has launched direct flight services between Kaohsiung and Xiamen in China’s Fujian Province.
The flights, which began yesterday, are operated by Mandarin Airlines (華信航空), a wholly owned subsidiary of CAL, providing one round-trip flight per week.
CAL also inaugurated direct flights between Taipei Songshan Airport and Shanghai’s Hongqiao Airport on Monday last week.
The carrier said that due to rising demand for cross-strait air links, it is planning to increase the number of flights to Beijing, Guangzhou and Shenzhen.
At present, CAL and Mandarin Airlines provide 61 direct flights to 14 destinations in China per week.
NT$125bn in certificates issued
The central bank issued NT$125 billion in certificates of deposit yesterday, more than the NT$109.35 billion that matured, the monetary authority said on its Web site.
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