TAIEX inches higher
A weakening New Taiwan dollar continued to boost buying on the local stock market yesterday as investors expected high-tech companies to benefit from improving profitability now that the depreciating currency is making them more competitive, dealers said.
In addition to the electronics sector, the financial sector rose on futures-led buying as investors who built up long futures positions aimed to realize gains in the futures market by lifting share prices in the spot market, they said.
The TAIEX closed up 43.03 points, or 0.57 percent, at 7,535.88, after moving between 7,465.98 and 7,574.78, on turnover of NT$104.79 billion (US$3.50 billion).
Tainan Enterprise to float
Tainan Enterprise (Cayman) Co (台南企業[開曼]) is scheduled to launch a primary listing on the Taiwan Stock Exchange on Oct. 12, underwriter Capital Securities Corp (群益證券) said yesterday.
An underwriting process ahead of the listing will start next week for the Cayman-registered company, which is one of the subsidiaries of Taiwan-based textile maker Tainan Enterprises Co, Capital Securities said.
Tainan Enterprise (Cayman), which is currently capitalized at NT$573 million, is running a broad distribution network in China, serving as an agent for foreign brands and supplies self-built brands for men’s and women’s garments.
According to the garment supplier’s prospectus, it is planning to issue 7.82 million shares to raise about NT$352 million and will use the funds as working capital and to repay debt.
Acer reveals acting CFO
Acer Inc (宏碁) has appointed Lilia Wang (王美麗) as acting chief financial officer (CFO), replacing Tu Che-min (杜哲民), the company said in an e-mailed statement yesterday.
Tu, who is being transferred because of health reasons, will become special assistant to the chairman, Acer said. Wang is Acer’s global controller and CFO for the Europe, Middle East and Africa. The company hopes to find a replacement over the next four months, according to the statement.
First AMC to set up China firm
First Financial AMC (第一金融資產管理) will spend US$30 million setting up a leasing firm in China, First Financial Holding Co (第一金控), parent of the company, said in a statement to the stock exchange yesterday.
S-tech bond sale planned
S-Tech Corp (精剛精密) plans to sell NT$300 million of three-year domestic secured convertible bonds with a zero coupon to repay bank debts and replenish working capital, the company said in a statement yesterday.
It also plans to raise as much as NT$252 million by selling 9 million new shares, the company said in a separate statement.
NT dollar declines
The NT dollar fell against the US currency yesterday, declining NT$0.062 to close at NT$29.950.
Turnover totaled US$786 million during the trading session.
Netherlands-based semiconductor equipment supplier ASML Holding NV yesterday said that it is planning to hire an additional 1,000 people in Taiwan this year in response to growing demand from clients. ASML had previously planned to recruit 600 people this year, but that the plan has been adjusted upward, ASML vice president and ASML Taiwan general manager Grace Wang (汪佳慧) told reporters. ASML has a workforce of more than 4,500 in Taiwan, accounting for about 10 percent of its global total, Wang said. This year’s recruitment campaign would focus on adding people in the customer support, manufacturing and supply chain domains to assist ASML
Starlux Airlines Co (星宇航空) today unveiled a long-haul network expansion plan at a shareholders’ meeting in Taipei, including direct flights to Barcelona, Spain, and Zurich, Switzerland, as well as a service connecting Taipei, Sydney and New Zealand. Starlux is to become the first Taiwanese carrier to offer non-stop services to the two European cities, while the inaugural oceanic route is expected to expand transit opportunities within the Australia-New Zealand market, Starlux said. Flight services to Chicago, Dallas, Washington and New York are under evaluation, the airline added. Prior to the shareholders’ meeting, the airline earlier this year announced that it would be
UNDER MICROSCOPE: Taiwan detained three people who allegedly conspired to buy servers in Taiwan and export them using fraudulent documentation, prosecutors said Nvidia Corp chief executive officer Jensen Huang (黃仁勳) on Saturday urged Super Micro Computer Inc to tighten up on compliance after Taiwan detained three people this week for allegedly making fraudulent declarations about artificial intelligence (AI) servers made by its US partner. The development marked the nation’s first crackdown on semiconductor smuggling, which grew after the US slapped restrictions on exports of high-end chips such as Nvidia AI accelerators to China. Nvidia is “rigorous” in explaining regulations to all of its partners, Huang told reporters after arriving in Taipei. “Ultimately Super Micro has to run their own company,” he said in response to
Nvidia Corp yesterday announced that CEO Jensen Huang (黃仁勳) would attend an employee meeting in Taipei tomorrow to celebrate the launch of the company’s Taiwan headquarters project. Huang would attend a gathering at the site of Nvidia’s planned headquarters in Beitou Shilin Technology Park (北投士林科技園區), the company said in a statement. After arriving in Taiwan on Saturday last week, Huang told reporters that he plans to meet with Quanta Computer Inc (廣達) chairman Barry Lam (林百里) and Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) chairman C.C. Wei (魏哲家), and would attend the groundbreaking ceremony for Nvidia’s Taiwan headquarters tomorrow. Nvidia has not yet applied
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