Taiwan Business Quick Take – Taipei Times
Investments in fintech increase
Last year, financial institutions in Taiwan invested NT $ 18.21 billion ($ 655.39 million) in financial technology (fintech), up 10.25% from $ 16.52 billion. 2019 NT dollars, the Financial Supervisory Commission announced yesterday. Last year’s figure included NT $ 14.16 billion from banks, NT $ 1.16 billion from securities and futures brokers, NT $ 2.62 billion from insurance companies and 270 million NT dollars from other financial institutions, the commission said. This year, investment in FinTech is expected to increase 29% to NT $ 23.5 billion, including NT $ 17.45 billion from banks, NT $ 2.36 billion from securities and futures brokers and NT $ 2.96 billion from insurance companies, the commission added.
Vanguard to issue bonds
Vanguard International Semiconductor Co (世界 先進) yesterday announced plans to issue NT $ 5 billion in unsecured corporate bonds to fund capacity expansion plans and capital spending related to environmental protection . Five-year bonds consist of NT $ 4.3 billion in tranche A with a fixed coupon rate of 0.57% and NT $ 700 million in tranche B with a fixed coupon rate of 0.52%, the Hsinchu-based chipmaker said in a regulatory finding. Vanguard said the corporate bonds would be issued through a public offering by the underwriters, with KGI Securities Co (凱基 證券) as the lead underwriter. The issue date is Wednesday next week, the firm added.
NUTS AND BOLTS
OFCO plans to sell shares
OFCO Industrial Corp (久 陽 精密) yesterday announced its intention to sell shares to strategic investors via a private placement, with the bolt and nut maker aiming to increase its capital. The company’s shareholders have approved a plan to issue up to 15 million new ordinary shares for private placement, he said in a document filed with the Taiwan Stock Exchange. The proceeds of the private placement would be used to repay loans and bolster the company’s working capital, according to the filing. OFCO reported revenue of NT $ 2.31 billion in the first eight months of the year, up 168.7% year-over-year, which it reported. attributed to the increase in orders from Europe in the ongoing EU anti-dumping investigation on Chinese products.
Asia Polymer Profits Soar
Plastics maker Asia Polymer Corp (亞 聚) yesterday reported net profit of NT $ 269 million for last month, up 352.14% from a year earlier, and revenue NT $ 788 million, an annual increase of 93.26%. Earnings per share were NT $ 0.45, the company said in a regulatory filing. The company mainly produces low density polyethylene and ethylene vinyl acetate (EVA) copolymer resins. It is one of the main beneficiaries of the increased demand for EVA for solar panels in China and footwear products in Western countries. In the first half, it reported net profit of NT $ 1.48 billion, up 302% year-on-year, with earnings per share of NT $ 2.54.
TCC to invest NT $ 5.5 billion
Taiwan Cement Corp (TCC, 台灣 水泥) on Monday announced plans to invest in renewable energy projects by setting up large energy storage systems at its plant in Suao County in Yilan County (蘇澳) and in the Hualien Hoping industrial park (花蓮 和平 工業). The company plans to invest NT $ 5.5 billion in the new projects, it said in a filing with the Taiwan Stock Exchange. Energy storage systems would be backups and help stabilize the power grid, the company said.
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