Japanese trading house wants to take over Ting Hsin’s 37.2-percent stake
Taiwan News
Date: 2017/12/29
By: Matthew Strong, Taiwan News, Staff Writer
TAIPEI (Taiwan News) – Japanese group Itochu Corporation (伊藤忠) was applying to buy
Itochu wants to buy a stake in Taipei 101. (By Central News Agency)
the iconic Taipei 101, Taiwan’s tallest building, the government’s Investment Commission (投審會) said Friday.
The offer of US$600 million (NT$17.8 billion) is actually for the stake of 37.2 percent currently owned by Ting Hsin International (頂新), the Taiwanese group blamed for a number of tainted oil scandals which rocked the island over the past four years.
If approved, it will be the first time that a foreign company holds a major stake in Taipei 101, the Chinese-language Apple Daily reported. A previous attempt at an investment by Malaysian group IOI Properties faltered in 2014 after allegations that Chinese capital might have been involved.
The Investment Commission, a unit of the Ministry of Economic Affairs, said the review process of Itochu’s application had already started and might be completed in February or March after consideration by all relevant government departments. [FULL STORY]