The Investment Commission yesterday approved four international investments, including Beijing Holdings Ltd’s planned investment in Taiwanese food and beverage manufacturer AGV Products Corp (愛之味).
The commission’s acting executive secretary, Emile Chang (張銘斌), said it had approved the Chinese company’s request to wire US$6.01 million to Taiwan, to invest in AGV subsidiary TBI Co (台灣第一生化科技) for an 8 percent stake in the business, which operates in the food and beverage sector.
“This is the second time Beijing Holdings Ltd has cooperated with AGV since the two firms formed a joint company in Beijing five years ago,” Chang said.
The joint company entitles AGV to sell the Chinese brand Yanjing Beer (燕京啤酒) in Taiwan, Chang added.
The nation’s leading cement supplier, Taiwan Cement Corp (台泥), has approval to invest US$390 million in Hong Kong-listed company TCC International Holdings Ltd for investing in China’s cement companies, Chang said.
The commission also granted permission to Taiwan’s biggest steelmaker, China Steel Corp (CSC, 中鋼), to transfer US$939.13 million to Vietnam.
“CSC’s planned investment in Formosa Ha Tinh Steel Corp (台塑河靜鋼鐵興業) expands its cooperation with Formosa in operating its steel production business,” Chang said.
CSC’s shares in Formosa would surge to 25 percent from the current 5 percent following the approval of the Investment Commission, Chang said.
Taiwan’s Yuen Foong Yu Paper Manufacturing Co Ltd (永豐餘工業用紙股份有限公司) was granted permission to invest US$60 million in its subsidiary in China for the manufacture and sale of corrugated paper, the commission said.
Apart from the four planned investments, the commission has also approved Taiwanese PC maker Acer Inc’s (宏碁) request to transfer US$5 million to China to establish a cloud-computing subsidiary in Chongqing City.
Chang said Acer’s request was approved without a review by the commission as the planned investment was less than US$50 million.
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