Ting Hsin International Group (頂新集團), a Taiwanese-owned food manufacturer based in China, is planning to take Taipei 101 public in three years, the group said yesterday.
Wei Ying-chiao (魏應交), chairman of Ting Hsin, which has a 37.18 percent stake in Taipei Financial Center Corp (TFCC, 台北金融大樓公司) — the owner of the Taipei landmark — said his group aims to bring TFCC’s losses to zero in three years to meet stock market listing regulations. TFCC’s accumulated losses have reached about NT$2.6 billion (US$85.5 million).
Wei said Ting Hsin has faith that Taipei 101’s bottom line would improve, as the group would continue to boost the building’s brand in the world market through a series of campaigns.
Wei said Taipei 101 would become financially healthier in the next three years and a stock listing would allow the public to share in its achievements.
Ting Hsin became the biggest single shareholder in TFCC in 2009.
Mega Financial Holding Co (兆豐金控), Chunghwa Telecom Co (中華電信) and Taiwan Stock Exchange Corp (台灣證交所), on behalf of the government, hold 44.33 percent of Taipei 101, with the remainder held by minority shareholders.
Ting Hsin also said it would spend NT$10 billion to set up headquarters in Shanghai, Wei said
He said the Shanghai project would include two office towers, a shopping mall and a hotel with a floor area of 42,000 ping (138,843m2), and is scheduled to become operational in stages between 2013 and 2014.
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