The Financial Supervisory Commission (FSC) yesterday said it would monitor how Taisun Enterprise Co’s (泰山企業) purchase of a 40.4 percent stake in Jko Fintech Co (街口金融科技) would affect the latter’s electronic payment business and its users.
As the food and beverage maker did not invest in Jkopay Co (街口電子支付) directly, the share purchase is not subject to the FSC’s approval, but Taisun must soon submit a report to the Taiwan Stock Exchange (TWSE) regarding its board’s decisionmaking process, the commission said.
Taisun could face a fine of up to NT$4.8 million (US$156,342) if it fails to submit a report to the exchange, Securities and Futures Bureau Deputy Director Kao Ching-ping (高晶萍) told a news conference.
Photo: Kelson Wang, Taipei Times
Taisun on Saturday offered to acquire 146 million shares of Jko Fintech for NT$3.6 billion, a move opposed by its majority shareholder Long Bon International Co (龍邦).
The exchange has questioned the deal, which some said did not go through Taisun’s audit committee and lacked transparency.
Publicly listed firms have an obligation to clarify investors’ concerns about the potential financial impacts of major investments, the exchange said.
Taisun failed to take Jko Fintech’s book value into account and did not consider its scale of operations, growth potential and future cash flow, given that Jkopay has the biggest market share in Taiwan, the exchange said.
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