In response to the government’s sustainable development policy, Far Eastern New Century Corp (FENC, 遠東新世紀) was the first company to be qualified to issue a sustainable development exchangeable bond.
The exchange bond was listed and began trading on the Taipei Exchange yesterday. As the lead underwriter, KGI Securities Ltd (凱基證券) facilitated the issuance, driving Taiwan’s sustainable bond market toward a new milestone.
The issuance involved exchangeable bonds for NT$1 billion of Asia Cement Corp (亞洲水泥) and NT$1.5 billion of Far Eastern Department Stores Co (遠東百貨) with a term of five years.
Photo courtesy of Far Eastern New Century Corp
“To cope with an era of carbon pricing, corporate entities must address the impacts of climate change and provide responsive solutions toward decarbonization, transforming the challenge into a strength in order to take the lead in the race to net zero,” FENC chairman Douglas Hsu said.
FENC, an innovative industry pioneer, responded to the government’s sustainable development policies and integrated financial planning seamlessly into its corporate sustainability strategies.
FENC was the first to offer several sustainable financial products in Taiwan with great success, channeling investment funds into sustainable projects from diverse sources, and fostered a positive cycle among government and corporate entities, and investors.
Taipei Exchange released the guidelines for sustainable development bonds in December last year, allowing convertible bonds to be issued within the scope of sustainable development bonds, with an aim to expand the market for sustainable development bonds.
FENC took the initiative once again and successfully issued the first corporate sustainable development exchangeable bond, to set an example and encourage more corporate entities to participate in sustainable development.
The funds raised by the FENC listing are to be used to support investment projects with green benefits for the company and its subsidiary, Oriental Petrochemical (Taiwan) Co Ltd (亞東石化股份有限公司). With measures to improve manufacturing processes, equipment and energy management, the company aims to actively achieve sustainability transformation goals — reduce greenhouse gas emissions by 50 percent, grow green products to 50 percent and utilize 50 percent green feedstock by 2030.
This would contribute to the overall long-term operational development of the company, as it strives to practice environmentally friendly and socially prosperous sustainable business principles.
KGI Securities ranks No. 1 for underwriting market share and has actively responded to the government’s promotion of sustainable financial policies.
KGI assists corporate entities to channel funds into investment projects with environmental and social benefits. As the main underwriter for several sustainable development-related bonds, KGI helps corporate entities and financial issuers to successfully raise funds, grow and excel in the capital market, while demonstrating the mission to implement corporate sustainability.
KGI provides sustainable financial solutions and contribute heartfelt efforts to sustainability development for the benefit of society.
The domestic unit of the Chinese-owned, Dutch-headquartered chipmaker Nexperia BV will soon be able to produce semiconductors locally within China, according to two company sources. Nexperia is at the center of a global tug-of-war over critical semiconductor technology, with a Dutch court in February ordering a probe into alleged mismanagement at the company. The geopolitical tussle has disrupted supply chains, with some carmakers reportedly forced to cut production due to chip shortages. Local production would allow Nexperia’s domestic arm, Nexperia Semiconductors (China) Ltd (安世半導體中國), to bypass restrictions in place since October on the supply of silicon wafers — etched with tiny components to
Singapore-based ride-hailing and delivery giant Grab Holdings Ltd has applied for regulatory approval to acquire the Taiwan operations of Germany-based Delivery Hero SE's Foodpanda in a deal valued at about US$600 million. Grab submitted the filing to the Fair Trade Commission on Friday last week, with the transaction subject to regulatory review and approval, the company said in a statement yesterday. Its independent governance structure would help foster a healthy and competitive market in Taiwan if the deal is approved, Grab said. Grab, which is listed on the NASDAQ, said in the filing that US-based Uber Technologies Inc holds about 13 percent of
Taiwan is open to joining a global liquefied natural gas (LNG) program if one is created, but on the condition that countries provide delivery even in a scenario where there is a conflict with China, an energy department official said yesterday. While Taiwan’s priority is to have enough LNG at home, the nation is open to exploring potential strategic reserves in other countries such as Japan or South Korea, Energy Administration Deputy Director-General Chen Chung-hsien (陳崇憲) said. While the LNG market does not have a global reserve for emergencies like that of oil, the concept has been raised a few times —
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday received government approval to deploy its advanced 3-nanometer (3nm) process at its second fab currently under construction in Japan, the Ministry of Economic Affairs said in a news release. The ministry green-lit the plan for the facility in Kumamoto, which is scheduled to start installing equipment and come online in 2028 with a monthly production capacity of 15,000 12-inch wafers, the ministry said. The Department of Investment Review in June 2024 authorized a US$5.26 billion investment for the facility, slated to manufacture 6- to 12nm chips, significantly less advanced than 3nm process. At a meeting with
RSS