Lien Hwa Industrial Corp (聯華食品) yesterday said that its board of directors has approved a plan to spin off its flour milling and leasing businesses into two fully owned subsidiaries to transform the 64-year-old food maker into a holding company.
The new holding company, Lien Hwa Industrial Holdings Corp (聯華實業投控), would have a paid-in capital of NT$10.52 billion (US$340.94 million), with seven major subsidiaries, including Lien Hwa Milling Foods Corp (聯華製粉), Lien Hwa Properties Corp (聯華置產), MiTAC Inc (神通電腦) and Hua Cheng Investment Co Ltd (華成投資).
The planned spin-off, which aims to improve the company’s efficiency and enhance its competitiveness, is scheduled to take effect on Sept. 1, Lien Hwa Industrial said in a regulatory filing.
Lien Hwa Industrial president Ching Hu-shih (景虎士) and vice president Roger Lin (林信宏) are to serve as the holding company’s president and vice president, it said.
The company said that it would remain listed on the local bourse and existing shareholders’ interests would not be affected by the spin-off and organizational transformation plans.
Lien Hwa Industrial said that it is scheduled to hold its annual general meeting on June 25 to gain shareholders’ approval for the plans.
Incorporated in 1955, Lien Hwa Industrial owns several brand names in flour products, including Blue Jacket, Camel and Snow.
Over the past six decades, the company has evolved into a conglomerate with business interests in various fields, including gas, petrochemical, information technology and communications, as well as investment and logistics channels.
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