The controversial auction to sell off five packages of Tuntex Group's collateralized equities yesterday attracted only one bidder, liquidating NT$51 million of the equities' total estimated value of NT$3.3 billion.
A middle-aged woman, Chen Hu Ya-hsian (
Keeping a low profile, Chen yesterday refused to say which corporation she represented.
The planned auction drew considerable media attention, since former Tuntex chairman Chen Yu-hao (
Analysts yesterday said that the lackluster participation by investors was a result of the political uproar surrounding the group, and that potential bidders feared being involved in the alleged scandal.
No bids were placed for the two most controversial packages -- Tuntex Petrochemicals Inc's shares at a minimum asking price of NT$2.98 billion, and China Investment & Development Co's shares at a minimum of NT$77 million.
Some bankers said the floor price of NT$12 per share for Tuntex Petrochemicals was way too high, and that interested parties might want to wait for second or third auction to get a better deal.
When asked if political manipulation kept bidders away from yesterday's auction, Finance Minister Lin Chuan (
Unless Tuntex proposes new plans to repay its debts, banks will arrange a second auction in the near future to liquidate the group's collateralized equities, according to the TFASC.
An official at the state-controlled First Commercial Bank said yesterday that all 18 creditor banks will soon convene a meeting to decide the date and new bidding prices for the second auction.
To reduce the deal's political sensitivity, the second auction might be scheduled for after the presidential election, the official said.
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