Taiwanese retail conglomerate Mercuries & Associates Ltd (三商行) on Wednesday announced that it is planning to transform itself into an investment holding company.
The company is set to rename itself Mercuries Investment Holding Co (三商投資控股) and shift its focus primarily on the approximately 40 investment units it already holds, which include Mercuries Life Insurance Co (三商美邦人壽), automated banking and self-service solution provider Mercuries Data Systems Ltd (三商電腦) and drug maker SCI Pharmtech Inc (旭富製藥).
Under the transformation plan, Mercuries & Associates’ retail endeavors, which include supermarket chain Simple Mart (美廉社), shoe retailer Family Shoes (鞋全家福) and beef noodle chain Sanshang Chiaofu (三商巧福), will be separated and put under the management of a new retail subsidiary of the revamped holding company, Mercuries & Associates vice president Wang Chih-hua (王志華) told a press conference on Wednesday.
The subsidiary will likely have a market capitalization of NT$1 billion (US$33.05 million), Wang said, adding that Mercuries & Associates will issue 100 million new common shares to back up the new unit.
The organizational changes are scheduled to take effect on Jan. 1 next year, Mercuries & Associates said.
“The adjustments are aimed at raising the company’s overall operating performance, as well as its market competitiveness,” Wang said.
He added that the transformation would not impact shareholders’ rights, nor their benefits in terms of net value and earnings per share.
Last year, Mercuries & Associates reported a net profit of NT$918.88 million, or earnings per share of NT$1.43, compared with the NT$1.01 billion, or NT$1.57 in earnings per share, it recorded in 2012.
The retailer’s board has approved a proposal to distribute a cash dividend of NT$0.7 per share this year, which is subject to shareholders’ approval at an annual general meeting on June 20.
Mercuries & Associates’ shares fell 1.48 percent to NT$20 on Wednesday.
The stock has fallen 5.21 percent so far this year, underperfoming the broader market, which has risen 2.09 percent over the same period.
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