SEQ_NO | 1 | Date of announcement | 2011/01/17 | Time of announcement | 19:54:07 |
Subject |
FENC has submitted an application for investing in China to the Investment Commission of MOEA. |
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Date of events | 2011/01/17 | To which item it meets | article 2 paragraph 20 | ||
Statement |
1.Date of occurrence of the event:2011/01/17
2.Method of the present increase (decrease) in investment:
Far Eastern New Century Corporation plans to use
FAR EASTERN POLYTEX (HOLDING) LIMITED as a holding vehicle
with Sinopec Yizheng Chemical Fibre Company Limited to
form a mainland joint-venture company,
Far Eastern Yihua (Yangzhou) Corporation.
3.Transaction volume, price per unit, and total monetary
amount of the transaction:
Transaction volume:NA
price per unit:NA
total monetary amount of the transaction:
USD166,000,000(approximately RMB996,000,000)
4.Company name of the invested mainland Chinese company:
Far Eastern Yihua (Yangzhou) Corporation
5.Paid-in capital of said invested mainland Chinese company:
Newly created venture (Joint Venture)
6.Amount of new capital increment currently planned
by said invested mainland Chinese company:
RMB1,660,000,000
7.Main business items of said invested mainland Chinese
company:
Production and sale of purified terepthatic acid (PTA)
8.Type of CPA opinion issued for the financial statement
of said invested mainland Chinese company for the most
recent fiscal year:NA
9.Net worth of said invested mainland Chinese company on
the financial statement for the most recent fiscal year:
NA
10.Amount of profit/loss of said invested mainland Chinese
company on the financial statement for the most recent
fiscal year:NA
11.Amount of actual investment to date in said invested
mainland Chinese company:USD0
12.Counterparty to the transaction and its relationship
to the Company:NA
13.Where the counterparty to the transaction is an actual
related party, public announcement shall also be made of
the reason for choosing the related party as the
counterparty and the identity of the previous owner
(including its relationship with the company and the
trading counterpart), the date of transfer, and the price:NA
14.Where a person who owned the subject matter of the
transaction within the past five years has been an
actual related party of the company, public
announcement shall also be made of the dates and
prices of acquisition and disposal by the related
party and such party's relationship to the company
at those times:NA
15.Gain (or loss) on disposal:NA
16.Terms of delivery or payment (including payment period
and monetary amount), restrictive covenants in the
contract, and other important stipulations:NA
17.The manner of deciding on this transaction, the reference
basis for the decision on price and the decision-making
department:NA
18.Broker:NA
19.Concrete purpose of the acquisition or disposal:
To increase the investment
20.Do the directors have any objection to the present transaction?:
Nil
21.Total amount of mainland China area investment
(including the present investment) approved by the
Investment Commission to date:USD563,082,473
22.Ratio of the total amount of investment (including
the present investment) in the mainland China area approved
by the Investment Commission to date to the paid-in capital
on the financial statement for the most recent period:34.44%
23.Ratio of the total amount of investment (including
the present investment) in the mainland China area
approved by the Investment Commission to date to the
total assets on the financial statement for the most
recent period:10.59%
24.Ratio of the total amount of investment (including
the present investment) in the mainland China area approved
by the Investment Commission to date to the shareholders’
equity on the financial statement for the most recent period:
17.15%
25.Total amount of actual investment in the mainland China
area to date:USD397,082,473
26.Ratio of the total amount of actual investment in the
mainland China area to date to the paid-in capital on
the financial statement for the most recent period:24.29%
27.Ratio of the total amount of actual investment in the
mainland China area to date to the total assets on the
financial statement for the most recent period:7.47%
28.Ratio of the total amount of actual investment in the
mainland China area to date to the shareholders’ equity
on the financial statement for the most recent period:12.09%
29.Amount of recognized profits and losses on investment in
the mainland China area for the most recent three fiscal years:
2008:TWD(1,380,655,000)
2009:TWD407,920,000
2010:TWD2,290,000,000
30.Amount of profit remitted back to Taiwan for the most
recent three fiscal years:
2008:TWD0
2009:TWD0
2010:TWD0
31.Has the CPA issued an opinion on the unreasonableness of the price
of the current transaction?:NO
32.Any other matters that need to be specified:NO
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