Taiwan Star Telecom Corp (台灣之星) yesterday said that its five major shareholders plan to keep their holdings unchanged, dismissing speculation about a change in ownership.
The comments came amid speculation surrounding the local 4G operator, which was rumored to be planning a change to its shareholding structure after major shareholder Ting Hsin International Group (頂新集團) became embroiled in a tainted oil scandal, which might have a negative impact on the telecom.
On Tuesday, Central Motion Pictures Corp (CMPC, 中影公司) chairman Guo Tai-chiang (郭台強) told local media that there might be a change in the company’s interest in Taiwan Star.
CMPC has a 10 percent stake in the telecom.
Taiwan Star, which has 1.8 million subscribers, yesterday said its operations remain normal, with no changes planned.
Ting Hsin is involved in the latest adulterated oil scandal, after its subsidiaries — Ting Hsin Oil and Fat Industrial Co (頂新製油實業) and Cheng I Food Co Ltd (正義) — were found last week to be using animal feed oil to produce cooking oil.
The food conglomerate, which owns Wei Chuan Foods Corp (味全食品) in Taiwan and instant-noodle brand Master Kong (康師傅) in China, is under pressure to cut Taiwan Star loose amid a public uproar over the tainted oil.
Currently, Ting Hsin holds a 52 percent stake in the telecom.
Other major shareholders include Lin Yuan Group (霖園集團), which owns Cathay Financial Holding Co (國泰金控), with a 20 percent stake, Central Motion Pictures and Kinpo Group (金仁寶集團), each with a 10 percent stake, as well as Chinatrust Financial Holding Co (中信金控), which holds an 8 percent stake.
Asked whether Far Eastern Group (遠東集團) is interested in investing in Taiwan Star, group chairman Douglas Hsu (徐旭東) yesterday said, on the sidelines of the opening of the Taipei Innovative Textile Application Show, that it was not the right time to talk about the issue.
“We do not want to add fuel to the fire,” Hsu said, implying that Taiwan Star is struggling because Ting Hsin is at the center of the latest food scandal.
Additional reporting by Camaron Kao
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