TAIPEI (Taiwan News) — Hontai Group submitted the highest bid for the 15.1% stake in Taipei 101 that was made available for public sale, offering NT$8.6 billion (US$272.6 million), Central Deposit Insurance Corp. said Tuesday.

The winning bidders were Cheng Da Investment and Hontai Life Insurance, both subsidiaries of Hontai. However, the transaction has not yet been finalized, as parties with preemptive rights still have the option to match the bid and purchase the shares, according to CNA.

The Hontai group offered NT$38.72 per share for 222,205,095 shares in Taipei Financial Center Corp., which operates Taipei 101 and is not listed on Taiwan’s main or over-the-counter markets. The stake was originally put up for sale in January with a minimum price of NT$38.7 per share, according to CNA.

Parties with preemptive purchase rights will be notified on Wednesday and have until March 5 to decide whether to match Hontai’s bid and buy the shares. If none take this option, or fail to complete the necessary paperwork and initial payment, the shares will go to Hontai at the winning price.

PricewaterhouseCoopers Taiwan, the financial adviser for the sale, said Taipei 101 is widely regarded as a national landmark. Its office tower serves as a major international business hub in Taipei’s Xinyi District, while its podium houses one of northern Taiwan’s strongest-performing luxury shopping centers.

PwC added that the observation deck continues to attract large numbers of local and overseas visitors each year. With stable operations and transparent financial management, the building offers long-term investors steady dividends and potential growth from future development.