Malaysia's IOI wants control of Taipei 101

Posted by Trading Advisor on 12:49 PM with No comments
TAIPEI, Taiwan - Contrary to its past claim, Malaysia-based developer IOI Properties does intend to acquire control of the Taipei 101 skyscraper, the Ministry of Finance (MOF) said yesterday.
Last December, IOI Properties released a statement that it would not compete for the right of management over Taipei 101, Deputy Finance Minister Wu Tang-chieh said.
"(Now) there is obviously some discrepancy," he said.
"Based on the information we've been sent from the Investment Commission, we can see that their operational plan clearly indicates an intent to obtain five seats on the board through Ting Gu. In the coming board election, IOI will also - in adherence with the Company Act and provisions of the cumulative voting system - obtain relevant board seats," he said.
Ting Gu is a Ting Hsin International Group subsidiary stationed in Taipei 101.
According to its purchase application, the Malaysia-based developer seeks to gain 37.17 per cent of skyscraper shares through Ting Gu and Ting Hsin, Wu said at a press conference in Taipei.
Submits Objection
The MOF yesterday submitted its formal objection to the stake-sale deal to the Ministry of Economic Affairs' Investment Commission, which is slated to review the case in March at the earliest.
Wu reiterated that his ministry opposes foreign control of the iconic skyscraper based on public interest and a negative societal perception.
"Our position has stayed the same from beginning to end," he said.
In this year's board elections, the MOF aims to secure over half of the board seats for right of management. Currently, it controls six seats on the 13-member board.
"Gaining over half of the board seats is something we must do," Wu said.
Export Orders Up
Also yesterday, MOF released its latest customs figures, which showed that exports rose 3.4 per cent and a seasonally-adjusted 0.5 per cent from the same month last year to reach US$25.12 billion (S$33.9 billion).
Imports dropped 4.8 per cent and a seasonally-adjusted 5.6 per cent from January 2014 to stand at US$20.32 billion, according to the report.
January's trade surplus was US$4.8 billion, up US$350 million from December and US$1.85 billion from January 2014.
- See more at: http://business.asiaone.com/news/malaysias-ioi-wants-control-taipei-101-ministry#sthash.OM8uLN2Z.dpuf
TAIPEI, Taiwan - Contrary to its past claim, Malaysia-based developer IOI Properties does intend to acquire control of the Taipei 101 skyscraper, the Ministry of Finance (MOF) said yesterday.
Last December, IOI Properties released a statement that it would not compete for the right of management over Taipei 101, Deputy Finance Minister Wu Tang-chieh said.
"(Now) there is obviously some discrepancy," he said.
"Based on the information we've been sent from the Investment Commission, we can see that their operational plan clearly indicates an intent to obtain five seats on the board through Ting Gu. In the coming board election, IOI will also - in adherence with the Company Act and provisions of the cumulative voting system - obtain relevant board seats," he said.
Ting Gu is a Ting Hsin International Group subsidiary stationed in Taipei 101.
According to its purchase application, the Malaysia-based developer seeks to gain 37.17 per cent of skyscraper shares through Ting Gu and Ting Hsin, Wu said at a press conference in Taipei.
Submits Objection
The MOF yesterday submitted its formal objection to the stake-sale deal to the Ministry of Economic Affairs' Investment Commission, which is slated to review the case in March at the earliest.
Wu reiterated that his ministry opposes foreign control of the iconic skyscraper based on public interest and a negative societal perception.
"Our position has stayed the same from beginning to end," he said.
In this year's board elections, the MOF aims to secure over half of the board seats for right of management. Currently, it controls six seats on the 13-member board.
"Gaining over half of the board seats is something we must do," Wu said.
Export Orders Up
Also yesterday, MOF released its latest customs figures, which showed that exports rose 3.4 per cent and a seasonally-adjusted 0.5 per cent from the same month last year to reach US$25.12 billion (S$33.9 billion).
Imports dropped 4.8 per cent and a seasonally-adjusted 5.6 per cent from January 2014 to stand at US$20.32 billion, according to the report.
January's trade surplus was US$4.8 billion, up US$350 million from December and US$1.85 billion from January 2014.
- See more at: http://business.asiaone.com/news/malaysias-ioi-wants-control-taipei-101-ministry#sthash.OM8uLN2Z.dpuf
TAIPEI, Taiwan - Contrary to its past claim, Malaysia-based developer IOI Properties does intend to acquire control of the Taipei 101 skyscraper, the Ministry of Finance (MOF) said yesterday.
Last December, IOI Properties released a statement that it would not compete for the right of management over Taipei 101, Deputy Finance Minister Wu Tang-chieh said.
"(Now) there is obviously some discrepancy," he said.
"Based on the information we've been sent from the Investment Commission, we can see that their operational plan clearly indicates an intent to obtain five seats on the board through Ting Gu. In the coming board election, IOI will also - in adherence with the Company Act and provisions of the cumulative voting system - obtain relevant board seats," he said.
Ting Gu is a Ting Hsin International Group subsidiary stationed in Taipei 101.
According to its purchase application, the Malaysia-based developer seeks to gain 37.17 per cent of skyscraper shares through Ting Gu and Ting Hsin, Wu said at a press conference in Taipei.
Submits Objection
The MOF yesterday submitted its formal objection to the stake-sale deal to the Ministry of Economic Affairs' Investment Commission, which is slated to review the case in March at the earliest.
Wu reiterated that his ministry opposes foreign control of the iconic skyscraper based on public interest and a negative societal perception.
"Our position has stayed the same from beginning to end," he said.
In this year's board elections, the MOF aims to secure over half of the board seats for right of management. Currently, it controls six seats on the 13-member board.
"Gaining over half of the board seats is something we must do," Wu said.
Export Orders Up
Also yesterday, MOF released its latest customs figures, which showed that exports rose 3.4 per cent and a seasonally-adjusted 0.5 per cent from the same month last year to reach US$25.12 billion (S$33.9 billion).
Imports dropped 4.8 per cent and a seasonally-adjusted 5.6 per cent from January 2014 to stand at US$20.32 billion, according to the report.
January's trade surplus was US$4.8 billion, up US$350 million from December and US$1.85 billion from January 2014.
- See more at: http://business.asiaone.com/news/malaysias-ioi-wants-control-taipei-101-ministry#sthash.OM8uLN2Z.dpuf
TAIPEI, Taiwan - Contrary to its past claim, Malaysia-based developer IOI Properties does intend to acquire control of the Taipei 101 skyscraper, the Ministry of Finance (MOF) said yesterday.
Last December, IOI Properties released a statement that it would not compete for the right of management over Taipei 101, Deputy Finance Minister Wu Tang-chieh said.
"(Now) there is obviously some discrepancy," he said.
"Based on the information we've been sent from the Investment Commission, we can see that their operational plan clearly indicates an intent to obtain five seats on the board through Ting Gu. In the coming board election, IOI will also - in adherence with the Company Act and provisions of the cumulative voting system - obtain relevant board seats," he said.
Ting Gu is a Ting Hsin International Group subsidiary stationed in Taipei 101.
According to its purchase application, the Malaysia-based developer seeks to gain 37.17 per cent of skyscraper shares through Ting Gu and Ting Hsin, Wu said at a press conference in Taipei.
Submits Objection
The MOF yesterday submitted its formal objection to the stake-sale deal to the Ministry of Economic Affairs' Investment Commission, which is slated to review the case in March at the earliest.
Wu reiterated that his ministry opposes foreign control of the iconic skyscraper based on public interest and a negative societal perception.
"Our position has stayed the same from beginning to end," he said.
In this year's board elections, the MOF aims to secure over half of the board seats for right of management. Currently, it controls six seats on the 13-member board.
"Gaining over half of the board seats is something we must do," Wu said.
Export Orders Up
Also yesterday, MOF released its latest customs figures, which showed that exports rose 3.4 per cent and a seasonally-adjusted 0.5 per cent from the same month last year to reach US$25.12 billion (S$33.9 billion).
Imports dropped 4.8 per cent and a seasonally-adjusted 5.6 per cent from January 2014 to stand at US$20.32 billion, according to the report.
January's trade surplus was US$4.8 billion, up US$350 million from December and US$1.85 billion from January 2014.
- See more at: http://business.asiaone.com/news/malaysias-ioi-wants-control-taipei-101-ministry#sthash.OM8uLN2Z.dpuf
TAIPEI, Taiwan - Contrary to its past claim, Malaysia-based developer IOI Properties does intend to acquire control of the Taipei 101 skyscraper, the Ministry of Finance (MOF) said yesterday.
Last December, IOI Properties released a statement that it would not compete for the right of management over Taipei 101, Deputy Finance Minister Wu Tang-chieh said.
"(Now) there is obviously some discrepancy," he said.
"Based on the information we've been sent from the Investment Commission, we can see that their operational plan clearly indicates an intent to obtain five seats on the board through Ting Gu. In the coming board election, IOI will also - in adherence with the Company Act and provisions of the cumulative voting system - obtain relevant board seats," he said.
Ting Gu is a Ting Hsin International Group subsidiary stationed in Taipei 101.
According to its purchase application, the Malaysia-based developer seeks to gain 37.17 per cent of skyscraper shares through Ting Gu and Ting Hsin, Wu said at a press conference in Taipei.
Submits Objection
The MOF yesterday submitted its formal objection to the stake-sale deal to the Ministry of Economic Affairs' Investment Commission, which is slated to review the case in March at the earliest.
Wu reiterated that his ministry opposes foreign control of the iconic skyscraper based on public interest and a negative societal perception.
"Our position has stayed the same from beginning to end," he said.
In this year's board elections, the MOF aims to secure over half of the board seats for right of management. Currently, it controls six seats on the 13-member board.
"Gaining over half of the board seats is something we must do," Wu said.
Export Orders Up
Also yesterday, MOF released its latest customs figures, which showed that exports rose 3.4 per cent and a seasonally-adjusted 0.5 per cent from the same month last year to reach US$25.12 billion (S$33.9 billion).
Imports dropped 4.8 per cent and a seasonally-adjusted 5.6 per cent from January 2014 to stand at US$20.32 billion, according to the report.
January's trade surplus was US$4.8 billion, up US$350 million from December and US$1.85 billion from January 2014.
- See more at: http://business.asiaone.com/news/malaysias-ioi-wants-control-taipei-101-ministry#sthash.OM8uLN2Z.dpuf