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Ting Hsin hangs on to 5 Taipei 101 board seats

Ting Hsin hangs on to 5 Taipei 101 board seats

TAIPEI (Taiwan News) – Beleaguered Ting Hsin International hung on to five seats Wednesday on the 13-member board of directors at the Taipei Financial Center Corporation, the company in charge of the iconic Taipei 101 building.
Ting Hsin, the group at the core of a wide-ranging food safety scandal which broke out last year, has a stake of 37.17 percent in TFCC but has so far been unsuccessful at trying to sell it.
United States private equity company Blackstone Group has been allowed to inspect TFCC’s financial books ahead of a potential bid, but the subject was not discussed at Wednesday’s meeting, Taipei 101 spokesman Michael Liu said.
The lineup on the new board is virtually the same as on its predecessor, with seven representatives of government-controlled institutions, one from CTBC Bank Co., Ltd. and five representing Ting Hsin, reports said.
The board of supervisors has three representatives of official bodies and one independent member who replaced a Ting Hsin representative, but no reason was given for the change, reports said.
Wednesday’s meeting also ratified the recent appointment of TFCC President Chou Te-yu as the company’s new chairman, with his term continuing for three years until December 8, 2018.
Mega Financial Holding official Chen Shih-ming was chosen as the new TFCC president, but he will not take over until January 5 because of important unfinished work at his employer, Liu said. In the meantime, Chou, who also hails from Mega, will combine the functions of president and chairman.
The breakup of membership on the Taipei 101 board sees three representatives of Mega, including Chou, two from Chunghwa Telecom, one each from the Taiwan Stock Exchange Corporation, First Commercial Bank and privately held CTBC, and five from the Ting Hsin International group, including prominent financier Benny Hu.
A previous attempt by Ting Hsin to sell off its stake in Taipei 101 to Malaysia’s IOI Properties failed earlier this year due to concern over foreign control and the potential presence of capital from China.


Updated : 2021-09-23 05:47 GMT+08:00