Gov’t has plan to take over 101: minister
The Ministry of Finance’s (MOF) bid to tighten control over Taipei 101 by acquiring more shares will be finalized by mid-May at the earliest, a minister has said.
An acquisition plan has existed for quite some time, except it was never announced, said Finance Minister Chang Sheng-ford ( ) in the Legislative Yuan yesterday.
The management rights of Taipei 101 have garnered much public attention after its largest private shareholder Ting Hsin International Group ( ) became embroiled in a tainted oil scandal. Ting Hsin holds 37.17 percent stake in the building.
The government holds a 44.35-percent stake in Taipei 101 and is the landmark building’s largest shareholder. In an attempt to consolidate management rights in the wake of oil scandal, the MOF is aiming to acquire more than a 50-percent stake.
The MOF is reportedly seeking to purchase shares that belong to Cathay Financial Holdings Co. ( ), which owns a total of 7.73-percent stake in the building. The acquisition price is estimated to be NT$25 to NT$35 per share.
The MOF’s chief would not spell out the name of the acquisition target, but said a preliminary agreement has been reached on the price.
State-owned enterprises that may acquire shares in Taipei 101 include Mega Financial Holding Co. ( ), Hua Nan Financial Holding Co. ( ), First Financial Holding Co. ( ), Taiwan Business Bank ( ), Taiwan Cooperate Bank ( ) and Taiwan Tobacco and Liquor ( ).
When asked if the government considers buying back from Ting Hsin, Chang stressed that no contact has been made with the company’s Wei family.