Taiwan’s Financial One Corporation may soon delist on the Singapore stock exchange, after a poor response from investors since its listing in 2007.
Financial One, the first and only Taiwanese company listed on the SGX, said the company’s executive chairman Andre Koo is planning an exit offer.
Mr. Koo is associated with the Koo family, a prominent family in Taiwan that runs the Chinatrust Financial Holding banking group.
According to Bloomberg, Mr. Koo owns a 28.7 percent stake in Financial One, while his father, Jeffrey Koo, executive chairman of Chinatrust Financial Holding, owns another 14 percent share.
Financial One announced in a regulatory filing that Mr. Koo is “contemplating making a proposal to the company to seek for a voluntary delisting”.
“The company has not received any delisting proposal or indication of any firm intention to make an offer for the shares of the company from Mr. Koo,” it said.
It added that a trading suspension has been in place to avoid any speculations.
Financial One has been largely ignored by investors since it listed in Singapore in July 2007, with shares trading mostly below the $1.15 offered price.
In Q3, the company fell into the red, recording a net loss of approximately US$11.8 million, compared with a net profit of about US$10.4 million in the previous year. This was partly attributed to lower other operating income, driven by the absence of a US$31.9 million gain in the year-ago period.