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Taipei 101 shareholder plans to take skyscraper public


Central News Agency
2011-10-14 06:41 PM

Taipei, Oct. 14 (CNA) Ting Hsin International Group, a Taiwanese-owned food manufacturer with a broad production base in China, is planning to take Taipei 101 public in three years, the group said Friday. Wei Ying-chiao, chairman of Ting Hsin, which owns a 37.18 percent stake in Taipei Financial Center Corp.
(TFCC) -- the owner of the Taipei landmark -- said his group aims to bring TFCC's losses to zero in three years to meet stock market listing regulations. So far, TFCC has accumulated losses worth about NT$2.6 billion (US$85.5 million). Wei said Ting Hsin has faith that Taipei 101's bottom line will improve, as the group will continue to polish the financial building's brand in the world market through a series of campaigns. He said Taipei 101 presents an example of Taiwan's soft power, as it has become the country's most recognizable landmark. Wei said Taipei 101 is expected to become healthier financially over the next three years and that a stock listing is expected to allow the public to share its achievements. Ting Hsin took its stake in Taipei 101 to become the biggest single shareholder in 2009. Other entities, including Mega Financial Holding Co., Chunghwa Telecom Co. and the Taiwan Stock Exchange, on behalf of the
government, hold a 44.33 percent in Taipei 101, with the remainder held by minority shareholders.
Meanwhile, Wei said, Ting Hsin will spend NT$10 billion to set up a headquarters in Shanghai. He said the Shanghai project will include two office towers, a shopping mall and a hotel with a floor area of 42,000 pings (138,600 square meters), and is scheduled to become operational in stages during the 2013-2014 period.
After more than 20 years of investing in China, Ting Hsin has become a major enterprise there, with a workforce of about 80,000 employees. The company's Master Kong ranks as the largest instant noodle brand in China. (By Han Ting-ting and Frances Huang) CLOSE ©2011 Taiwan News




 
   

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