HRNetGroup to set up Taiwan branch

MAINBOARD-LISTED HRNetGroup has incorporated RecruitFirst (Taiwan) Pte Ltd (RFTPL), which will set up a branch in Taiwan in the business of flexible staffing and human resource outsourcing.

Incorporated through HRNetGroup's wholly-owned unit HRnetOne, the new subsidiary has an initial share capital of S$700,000, comprising 700,000 ordinary shares contributed by HRnetOne.

"It is envisaged that RFTPL will be restructured with capital injections of co-owners who are pioneering the operations of the Taiwan branch and a further announcement on such restructuring will be made in due course," said HRNetGroup.

The group does not expect the move to have any material financial impact for the current financial year. It said the deal is part of its continuing efforts to expand its core business of recruitment services, and is in the ordinary course of its business.

HRNetGroup shares closed unchanged at 77 Singapore cents on Thursday before the announcement.