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Malaysian group said backing out of plan to acquire Taipei 101

Malaysian group said backing out of plan to acquire Taipei 101

Taipei, March 6 (CNA) News surfaced Friday that Malaysia's IOI Group has abandoned its plan to acquire Taiwan's landmark Taipei 101 building and a formal announcement was expected shortly from Taiwan's Ministry of Economic Affairs (MOEA). The MOEA said that latest progress for Ting Hsin International Group's (??) to sell its stake to the Malaysian group will be announced at 4:30 pm. The contents of the announcement is expected to to "significant", said Chang Ming-pin (???), acting executive secretary of the economic ministry's Investment Bureau. A Bloomberg report published on Friday, however, said that the Malaysian conglomerate has balked out of the deal to take Ting Hsin's 37.2 percent stake in the 101 Taipei Financial Center Corp. that operates the 500-meter skyscraper at cost of NT$2.74 billion (US$437.3 million). The report said that the Malaysian company is not expected to extend a three-month (Share Sale Agreement) period the two parties have established with Taiwan's regulators, which had expired on on March 5. Amid rising scrutiny over the prospects of a foreign entity controlling the Taipei 101, the IOI is expected to file for the return of the NT$700 million it paid as deposit. (By Huang Chiao-wen and Ted Chen)


Updated : 2021-09-29 08:57 GMT+08:00