Ting Hsin International Group (頂新國際集團) yesterday confirmed that it has been approached by potential buyers interested in acquiring Taiwan Star Telecom Co Ltd (台灣之星), amid growing speculation that the telecommunications company is the food conglomerate’s next target in its efforts to exit non-core businesses in Taiwan.
Ting Hsin made the comments after the Chinese-language Economic Daily News yesterday said that the group plans to sell its 52 percent stake in Taiwan Star, and is expected to cut a deal by the end of this quarter or early next quarter.
“Indeed, there is more than one company that has expressed an interest [in buying the group’s share of Taiwan Star], but the group has not made any decision yet,” Ting Hsin spokesman Ted Chia (賈先德) told the Taipei Times by telephone.
Chia declined to name the companies, but said that frequent media reports about the issue could be a reflection of the growing competition between potential buyers.
Ting Hsin’s next step has been under close media scrutiny since the group pledged to sell its non-core local businesses after being embroiled in a spate of food scares last year.
Taiwan Star, established in 2013, has 160,000 4G subscribers and 1.44 million 3G users after merging with Vibo Telecom Inc (威寶電信).
Its other major shareholders, including Cathay Financial Holding Co (國泰金控), CTBC Financial Holding Co (中信金控) and Cheng Uei Precision Industry Co (正崴精密), intend to increase their holdings to safeguard the telecom operator’s position, the report said.
Chunghwa Telecom Co (中華電信), the nation’s biggest telecommunications operator, and Far EasTone Telecommunications Co (遠傳電信) are interested in acquiring Taiwan Star to expand their 4G market, the report said.
“The company cannot comment on market speculation,” Chunghwa Telecom spokesman Ho Hsu-hui (何旭輝) said in a phone call. “Every investment will have to go through the company’s internal assessment.”
Far EasTone denied that it was interested in buying a stake in Taiwan Star.
Additional reporting by Lisa Wang
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