ITOCHU Announces Sale of TING HSIN Share and Acquisition of TFCC Share
February 15, 2018
ITOCHU Corporation (headquartered in Minato-ku, Tokyo; Masahiro Okafuji, President & CEO; hereinafter “ITOCHU”) announced today that it had reached an official agreement with the Ting Hsin Group(
) on selling its entire 17.8% share of TING HSIN (Cayman Islands) HOLDINGS CORP. (headquartered in Cayman Islands; Ying-Chiao Wei, Representative; hereinafter “TING HSIN”) to the Ting Hsin Group on December 21, 2017, as well as the entire 37.2% share of Taipei Financial Center Corporation (headquartered in 59F, No. 7 Xinyi Road, Section 5, Taipei, Taiwan; Chou Te-yu, Representative; hereinafter “TFCC”) from the Ting Hsin Group, winning approval from the Taiwanese authorities on February14, 2018.
( * )General name of the corporate group that holds TING HSIN, a major food/distribution company in China and Taiwan, under its umbrella.
ITOCHU acquired a 20% share of TING HSIN in 2009, promoting efforts on joint ventures and more in China.
Because ITOCHU has played its role for the originally planned period of time, it sold some of the shares of TING HSIN to the Ting Hsin Group in 2015.
As a result of further negotiation, ITOCHU reached an agreement on the sale of the remaining share of TING HSIN and the acquisition of the entire share of TFCC held by the Group.
TFCC owns Taiwan’s landmark, Taipei Financial Center/Taipei 101.
ITOCHU has determined that stable revenue in cash can be expected, such as dividends, from the investment in TFCC and that ITOCHU’s experience in the real estate business can also be utilized for proper operational management.
ITOCHU will swiftly work on the remaining issues to sell and acquire the shares as soon as possible.
Overview of TFCC
|Trade name||Taipei Financial Center Corp. (TFCC)|
|Address||59F, No. 7 Xinyi Road, Section 5, Taipei, Taiwan|
|Representative||Chairman Chou Te-yu/President Shi-Mei Chen|
|Shareholders (after transaction)||Government 52.1%,
ITOCHU Corporation 37.2%,
other private companies 10.7%
|Foundation||October 14, 1997|
|Business description||1. Management of shopping mall,
2. Leasing of office space,
3. Management of observatory