Scandal-plagued conglomerate Ting Hsin International Group (頂新國際集團) is expected to finalize a plan to sell its stake in Taiwan Star Cellular Corp (台灣之星), the telecom operator said yesterday.
Taiwan Star president Cliff Lai (賴弦五) said Ting Hsin would decide in the next month whether it is to dispose of its 52 percent stake in the firm, adding that if Ting Hsin decides to sell its holdings, it would disclose who the buyer is.
Ting Hsin was badly hurt by a tainted oil scandal that surfaced in October last year. Widespread condemnation of the conglomerate’s business practices has made it harder for the group to obtain credit in Taiwan and has affected its cash flow, and the group has come under pressure to divest its holdings in Taiwan Star and Taipei 101.
Several of Taiwan Star’s domestic rivals are eyeing the stake owned by Ting Hsin. Chunghwa Telecom Co (中華電信), the nation’s largest telecom, and Far EasTone Telecommunications Co Ltd (遠傳電信) have been referenced by local media outlets as possible buyers.
Far EasTone is reportedly planning to spend about NT$18 billion (US$569.4 million) in a cash and stock swap deal to acquire 100 percent of Taiwan Star and boost its competitiveness in the domestic 4G market, local media outlets have reported.
In addition to Ting Hsin, Taiwan Star’s other shareholders are Cathay Financial Holding Co (國泰金控), which holds a 20 percent stake, Cheng Uei Precision Industry Co (正崴) and Kingpo Group (金仁寶集團), which each have 10 percent stakes, and CTBC Group (中信集團), which has an 8 percent stake.
Lai said that despite the uncertainty over Ting Hsin’s stake, Taiwan Star’s top priority now is to strengthen its operations and improve its services in the nation’s highly competitive 4G market.
Taiwan Star was founded in March 2013 and acquired Vibo Telecom Inc in November of that year.
Taiwan Star is capitalized at NT$20 billion.
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