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Ting Hsin unsure about future of Taipei 101 stake

Ting Hsin unsure about future of Taipei 101 stake

Taipei, March 6 (CNA) The Ting Hsin International Group (????) said Friday that it still wants to sell its stake in Taipei Financial Center Corp., which operates the Taipei 101 skyscraper, after a potential buyer said it was backing out of the deal. Malaysia's IOI Group said in a statement that it had decided to scrap a plan to acquire the 37.17 percent of Taipei Financial Center shares held by Ting Hsin for NT$25.14 billion (US$800 million). "Ting Hsin still wants to sell the stake, but it does not know what to do now," group spokesman Ted Chia (???) said. Chia said the Malaysian conglomerate did not offer the highest price when Ting Hsin tried to sell the stake after facing a cash crunch caused by the conglomerate's involvement in a food safety scandal. He said at least two other groups offered good price to acquire the stake, without identifying them. "Price is not the most important factor in our consideration," Chia said. More important, he said, was the internationalization of the sector. But after Ting Hsin and the Malaysian group signed an agreement on the stake sale on Dec. 5, 2014, the two parties failed to obtain regulatory approval for the sale. By deciding not to extend the three-month agreement period, the IOI Group terminated the deal. (By Han Ting-ting and Lilian Wu)


Updated : 2021-09-18 20:00 GMT+08:00