Far Eastern New Century : The Board resolved to apply from the Investment Commission to cancel the permission granted by the aforesaid Commission to invest indirectly in China.
November 17, 2014 at 06:25 am
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SEQ_NO
5
Date of announcement
2014/11/11
Time of announcement
18:39:10
Subject
The Board resolved to apply from the
Investment Commission to cancel the permission granted
by the aforesaid Commission to invest indirectly in China.
Date of events
2014/11/11
To which item it meets
article 2 paragraph 20
Statement
1.Date of occurrence of the event:2014/11/11
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 E-Resource (Yangzhou) Ltd.
5.Paid-in capital of said invested mainland Chinese company:
NA
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:
Coal water mixture production and distribution
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:
NA
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:
For the change at the market situation. Far Eastern E-Resource
(Yangzhou) Ltd. decides to cease expansion project for this moment.
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:
USD780,022,473
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:46.44%
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:11.82%
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:
21.18%
25.Total amount of actual investment in the mainland China
area to date:USD652,349,140
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:38.84%
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:9.88%
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:17.71%
29.Amount of recognized profits and losses on investment in
the mainland China area for the most recent three fiscal years:
2011:TWD2,110,059,000
2012:TWD(928,518,000)
2013:TWD(515,838,000)
30.Amount of profit remitted back to Taiwan for the most
recent three fiscal years:
2011:TWD664,215,580
2012:TWD455,084,511
2013: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
Far Eastern New Century Corp is a Taiwan-based company principally engaged in telecommunication businesses and chemical fiber products businesses. The Company operates through six segments. Petrochemical segment is mainly engaged in the manufacture and sales of purified terephthalic acid (PTA). Chemical Fiber segment manufactures and sells polyester chips, polyester cotton, polyester yarn, polyester thin film, polyester film, polyester preform, nylon yarn and other products. Textile segment manufactures and sells various natural, man-made, synthetic fiber gauze, blended gauze and finished cloth, processed yarn, silk, cloth and others. Mobile Services segment provides personal mobile services, fixed communications, new economy, professional telecommunications integration and other services. Real Estate Development segment develops commercial properties, residential buildings, public buildings and bridges, among others. Investment and Other segment is engaged in investment business.
Far Eastern New Century : The Board resolved to apply from the Investment Commission to cancel the permission granted by the aforesaid Commission to invest indirectly in China.