Malaysian firm inks deal for stake in Taipei 101
Print Edition
TAIWAN’S embattled food giant Ting Hsin International Group has announced plans to sell its shares in the island’s iconic Taipei 101 skyscraper to raise funds following a series of food safety scares.
Ting Hsin — which has been implicated in three food safety scandals this year — said it has signed a deal worth 2.7 billion ringgit (US$778 million) with Malaysia’s IOI Properties Group Bhd to sell its 37.17 percent stake in the Taipei Financial Center Corp that operates the building.
The deal is pending the approval of Taiwan’s authorities.
The proceeds from the deal will be used to fulfill the company’s pledge to donate NT$3 billion (US$100 million) to a food safety fund and other charities, as well as paying off bank loan, company spokesman Chia Hsien-te said.
Ting Hsin made the pledge after it triggered public outrage and an island-wide boycott of its products after it was implicated in three food safety scandals in Taiwan in less than one year.
In the latest case that surfaced in October, its unit Ting Hsin Oil was accused of selling oil intended for animal food, which is banned for human use, as regular lard and cooking oil causing hundreds of tons of products to be removed from shop shelves.
Ting Hsin owns the instant noodle brand Master Kong that is popular in Taiwan and China’s mainland.
It previously ran Taiwan’s leading food company Wei Chuan but was forced to withdraw from the board in the wake of the food scandals.
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