Wed, Oct 20, 2004 page11

• Business Brief

  • AGENCIES
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  ■ National Aerospace in trouble

  National Aerospace Fasteners Corp (宏達科技) said it will seek court protection from creditors after stock market regulators imposed restrictions on trading in its shares. Insufficient cash flow may result in the company's checks bouncing and the delisting of its shares from the stock market, National Aerospace said in a statement to the Taiwan Stock Exchange. The company said it has NT$1.8 billion (US$53.1 million) in debt and assets worth NT$3.6 billion. Shares in the firm, which makes rivets and nuts for aircraft parts, have lost 90 percent of their value since mid-August. The stock exchange last month said it would limit trading in the shares to cash-only transactions because of concerns over the company's income statements. National Aerospace said on Sept. 3 it would make a loss of NT$551 million (US$16 million) this year, reversing an April profit forecast of NT$123 million.

  ■ Foxconn, Juteng offer shares

  Foxconn International Holdings (富士康控股) and Juteng Interna-tional Holdings, both Taiwanese technology equipment manufacturers, plan to raise a combined HK$1.5 billion (US$193 million) in Hong Kong share sales by the end of the year, the South China Morning Post said, citing unidentified sources. Foxconn, a subsidiary of Hon Hai Precision Industry Co (鴻海精密), Taiwan's largest listed company by sales, plans to raise as much as HK$1.2 billion in an initial public offering that may receive approval from Hong Kong regulators next month, the paper said. The telecommunications networking and mobile equipment maker made an estimated profit of more than HK$400 million last year, the Hong Kong-based paper said. Goldman Sachs Group Inc and UBS AG are arranging the sale, the paper said. Juteng International Holdings may raise HK$300 million in its Hong Kong share offer in December, according to the paper. The company, which produces casings for computers and other products, posted revenue of about HK$500 million last year.

  ■ Family feud at Taishin

  A member of Taishin Financial Holdings Co's (台新金控) controlling family is disputing the results of an impromptu board meeting held to set the date for election of new members, several Chinese-language newspapers reported. Director Eric Wu (吳東昇) is claiming his brother, Taishin chairman Thomas Wu (吳東亮), acted independently in calling a board meeting that set the date for the election on Dec. 3, the anniversary of their father's death, the reports said. Thomas Wu may be investigated by the island's stock regulator for selling shares in Shinkong Synthetic Fibers Corp (新光人纖) during a struggle with Eric Wu for management control.

  ■ Wal-Mart meets in Shenzhen

  Wal-Mart Stores Inc will for the first time move an annual meeting to decide purchases of electronics goods to China from the US, a media report said, citing unidentified suppliers of the US retailer. The company was to start the four-day meeting yesterday in China's southern coastal city of Shenzhen with suppliers including Taiwan's Tatung Co (大同) and Sampo Corp (聲寶), the report said. Most of Wal-Mart's purchases will focus on products such as DVD players and flat-panel televisions, which the company expects to sell under its own brand name, the paper said.

  ■ NT dollar up slightly

  The New Taiwan dollar yesterday edged up NT$0.006 against the US dollar to close at NT$33.865 on the Taipei foreign exchange market. Turnover was US$430 million.
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