Local television and PC monitor maker Jean Co (新美齊) yesterday again faced pressure to delist from the main bourse after the stock exchange regulator said its planned sale of TV and monitor assets would undermine its operation.
In March, Jean Co inked an agreement with Chinese flat-panel maker BOE Technology Group Co (京東方) to sell its TV and PC monitor manufacturing facilities and equipment in Suzhou and Taiwan for 290 million yuan (US$9.07 million).
The Taiwanese company said at the time that the sale was part of a strategic shift from the low-margin and highly competitive TV and monitor market to higher-margin businesses, such as selling brand and niche products.
“We found that Jean Co generates all of its revenues from its Chinese subsidiary,” said a Taiwan Stock Exchange Corp (TWSE) official, who is in charge of the matter. “We are seriously concerned that the sale will greatly impact the company’s operation.”
Local firms are required to delist from the local exchange after sales of assets that contribute half of their revenues, he said.
To protect investors’ interest, the company’s shares will be removed from trading on the nation’s main bourse after the transaction of asset sales is closed, the official said, adding that the TWSE had received calls from investors asking about this issue.
While Jean Co said BOE had agreed to the company’s proposal to gradually transit its contract customer orders over three years, the official said the TWSE was doubtful that this was feasible, saying the company over-optimistic about the proposed market shift.
The transaction was originally set for June 1 and could resume anytime as the Investment Commission approved BOE’s proposal on July 29 to set up a local subsidiary to operate home appliances and computer businesses.
Jean Co said it was planning to submit a second proposal to the TWSE to keep its shares trading after the regulator rejected its first proposal filed in May.
A panic sell-off yesterday sent the company’s stock down to its 7 percent daily limit at NT$11.30.
The company lost NT$25 million in the second quarter, compared with a net profit of NT$129 million in the same period last year, according to a stock exchange filing last month.
Anna Bhobho, a 31-year-old housewife from rural Zimbabwe, was once a silent observer in her home, excluded from financial and family decisionmaking in the deeply patriarchal society. Today, she is a driver of change in her village, thanks to an electric tricycle she owns. In many parts of rural sub-Saharan Africa, women have long been excluded from mainstream economic activities such as operating public transportation. However, three-wheelers powered by green energy are reversing that trend, offering financial opportunities and a newfound sense of importance. “My husband now looks up to me to take care of a large chunk of expenses,
State-run CPC Corp, Taiwan (CPC, 台灣中油) yesterday signed a letter of intent with Alaska Gasline Development Corp (AGDC), expressing an interest to buy liquefied natural gas (LNG) and invest in the latter’s Alaska LNG project, the Ministry of Economic Affairs said in a statement. Under the agreement, CPC is to participate in the project’s upstream gas investment to secure stable energy resources for Taiwan, the ministry said. The Alaska LNG project is jointly promoted by AGDC and major developer Glenfarne Group LLC, as Alaska plans to export up to 20 million tonnes of LNG annually from 2031. It involves constructing an 1,290km
NEXT GENERATION: The company also showcased automated machines, including a nursing robot called Nurabot, which is to enter service at a Taichung hospital this year Hon Hai Precision Industry Co (鴻海精密) expects server revenue to exceed its iPhone revenue within two years, with the possibility of achieving this goal as early as this year, chairman Young Liu (劉揚偉) said on Tuesday at Nvidia Corp’s annual technology conference in San Jose, California. AI would be the primary focus this year for the company, also known as Foxconn Technology Group (富士康科技集團), as rapidly advancing AI applications are driving up demand for AI servers, Liu said. The production and shipment of Nvidia’s GB200 chips and the anticipated launch of GB300 chips in the second half of the year would propel
‘MAKE OR BREAK’: Nvidia shares remain down more than 9 percent, but investors are hoping CEO Jensen Huang’s speech can stave off fears that the sales boom is peaking Shares in Nvidia Corp’s Taiwanese suppliers mostly closed higher yesterday on hopes that the US artificial intelligence (AI) chip designer would showcase next-generation technologies at its annual AI conference slated to open later in the day. The GPU Technology Conference (GTC) in California is to feature developers, engineers, researchers, inventors and information technology professionals, and would focus on AI, computer graphics, data science, machine learning and autonomous machines. The event comes at a make-or-break moment for the firm, as it heads into the next few quarters, with Nvidia CEO Jensen Huang’s (黃仁勳) keynote speech today seen as having the ability to
RSS