BANKING
FSC fines Mega International
The Financial Supervisory Commission (FSC) yesterday fined Mega International Commercial Bank (兆豐銀行) NT$3 million (US$93,000) for oversights in its internal control protocols that led to it accepting US$2.44 million in counterfeit money deposits earlier this year. The bank was found to have contravened the Banking Act (銀行法) by failing to detect a sudden rise in transactions in the account involved in the case, which had been idle between December 2013 and January.
SUGAR
Taisugar to pay record profit
Shareholders of state-run Taiwan Sugar Co (Taisugar, 台糖) yesterday approved dividends of NT$2.7 per share. The amount surpassed last year’s distribution of NT$1.9 and is the highest in the company’s history. The Ministry of Economic Affairs, which holds an 86 percent stake in the company, is estimated to contribute NT$13.1 billion in revenue to the treasury. The company reported that operating profit in the first five months of this year totaled NT$3.2 billion, of which NT$2.8 billion was from its core businesses.
AUTOMAKERS
Yulon considering subsidiary
Yulon Group (裕隆集團) yesterday announced that it is mulling plans to establish a NT$3 billion construction subsidiary as part of the automobile conglomerate’s plan to expand into the real-estate market. The subsidiary might oversee the company’s massive land development project at its abandoned factory in New Taipei City’s Xindian District (新店). The company said the project is expected to receive approval from regulators next year and be completed by 2020. Shareholders also approved dividends of NT$0.9 per share, the highest in four years.
TEXTILES
Eclat to pay record dividends
Textile manufacturer Eclat Textile Co (儒鴻) shareholders yesterday approved record-high dividends of NT$10.5 per share. The company expects sales to experience faster growth in the second half of this year as global markets are forecast to see annual growth of between 10 percent and 15 percent this year, barring significant foreign exchange fluctuations. The company plans to continue developing new products based on its expertise in functional fabrics.
CHIPMAKERS
Inotera confirms sale price
DRAM chipmaker Inotera Memories Inc (華亞科技) yesterday confirmed the price of its acquisition by US company Micron Technology Inc at NT$30 per share, the firm said in a filing with the Taiwan Stock Exchange. Micron may purchase the remaining 67 percent share of Inotera on Friday, dispelling speculation that the price of the deal had been slashed to less than NT$20 per share. Inotera shares yesterday gained 0.79 percent to close at NT$25.65
EQUITIES
TAIEX ends at day’s high
The TAIEX yesterday rose 58.93 points, or 0.68 percent, closing at the day’s high of 8,684.85 after an early low of 8,627.40 on turnover of NT$68.71 billion. Buying momentum extended from the previous session as investors were encouraged by solid gains on Monday on Wall Street and European markets, amid reduced worries over a possible departure by Britain from the EU, dealers said. However, with turnover remaining low, the broader market failed to overcome technical resistance at 8,700 points, dealers said.
SHARES DOWN: The top 10 companies all decreased in market value last year, due to COVID-19, Russia’s invasion of Ukraine, rising interest rates and global inflation Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) retained the top spot among the largest companies in the Asian supply chain in terms of market capitalization, Digitimes Research said. Citing its Asia Supply Chain Market Cap 100 rankings for last year, the research firm last week said TSMC’s market cap was US$378.45 billion, the highest among Asian suppliers, although it dropped by nearly US$200 billion during the year. The 34.3 percent fall in TSMC’s market cap was the largest decline of any company in the survey last year, but was typical of how many top-ranking companies fared. The top 10 in Digitimes’ rankings all saw
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