SEQ_NO | 1 | Date of announcement | 2011/08/29 | Time of announcement | 18:55:29 |
Subject |
Far Eastern New Century Corporation (FENC) files an application to the Investment Commission of MoEA, seeking to cancel the permission for indirect investment in China |
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Date of events | 2011/08/29 | To which item it meets | article 2 paragraph 20 | ||
Statement |
1.Date of occurrence of the event:2011/08/29 2.Method of the present increase (decrease) in investment: cancel the permission for FENC to invest in china through existing off-shore investment company 3.Transaction volume, price per unit, and total monetary amount of the transaction: NA 4.Company name of the invested mainland Chinese company: Far Eastern Industries (Shanghai) Ltd. 5.Paid-in capital of said invested mainland Chinese company: USD242,800,000 6.Amount of new capital increment currently planned by said invested mainland Chinese company: NA 7.Main business items of said invested mainland Chinese company: Production and sales of polyester staple, filament, and resins. 8.Type of CPA opinion issued for the financial statement of said invested mainland Chinese company for the most recent fiscal year: Unquilfied Opinion. 9.Net worth of said invested mainland Chinese company on the financial statement for the most recent fiscal year: RMB1,626,501,439.56 10.Amount of profit/loss of said invested mainland Chinese company on the financial statement for the most recent fiscal year: RMB134,015,261.83 11.Amount of actual investment to date in said invested mainland Chinese company: USD155,409,000 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: Due to the change of business environment, FENC decided to permanently postpone the previously planned expansion of Far Eastern Industries (Shanghai) Ltd. The fund, already wired to Far Eastern Polychem Industries Limited (FEPI) registered in Bermuda, will be used to improve the financial structure of FEPI, instead of transferring into China. 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: USD514,082,473 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:31.45% 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:8.99% 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: 14.48% 25.Total amount of actual investment in the mainland China area to date:USD348,082,473 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:21.29% 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:6.09% 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:9.80% 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:TWD2,529,388,000 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 |