The Ministry of Economic Affairs on Thursday said it had approved capital increase plans for the Taiwanese subsidiaries of US tech giants Google and Amazon.
The Department of Investment Review approved a NT$7 billion (US$211.5 million) investment by Google Engineering UK Holdings in Google Taiwan Ltd for hardware and electronic information software development, the ministry said in a statement.
The funds would go toward research into mobile phones and wearable technology product design, it added.
Photo: Bloomberg
The department also authorized an investment of NT$2.59 billion by Amazon subsidiary A100 Row Inc in Amazon Web Services Taiwan for its data center’s personnel costs and equipment, the ministry said.
OUTBOUND INVESTMENTS
In terms of outbound investments, the department approved Taiwan Semiconductor Manufacturing Co’s (TSMC, 台積電) plan to inject an additional US$10 billion into its subsidiary TSMC Global, which is based in the British Virgin Islands, it said.
TSMC aims to use the money to help hedge foreign exchange risks by investing the money in bonds and certificates of deposit, the ministry added.
Other investments approved by the department included a US$170 million loan-based investment by CTBC Bank (中信銀行) in its subsidiary in the Philippines and US$300 million by artificial intelligence server supplier Wiwynn Corp (緯穎) in a US-based subsidiary.
Wiwynn last month said it planned to invest US$300 million to build its first US manufacturing facility in Texas.
JAPANESE ACQUISITION
Global Brands Manufacture Ltd (精成科技), a supplier of plastic circuit boards (PCB), received the department’s approval for its acquisition of Japanese PCB manufacturer Lincstech Co for ￥28.16 billion, allowing the Taiwanese company to build a stronger presence in the high-end PCB board market.
The department also gave the go-ahead to two China-bound investments, including a US$65 million capital injection by PMI Group (銀泰科技) into its Chinese subsidiary to repay debts.
Automotive lighting supplier TYC Brother Industrial Co (堤維西) was also granted approval to invest 310 million yuan to acquire the 50 percent share of its joint venture partner. TYC would gain full control of the car light manufacturing venture following the investment.
Additional reporting by Lisa Wang
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