SUBSCRIBERS

Taiwan against IOI Properties' purchase of Taipei 101

Malaysian firm's attempt to buy 37.17% stake in national landmark to draw "strict review" from Investment commission

Published Mon, Dec 8, 2014 · 09:50 PM

Kuala Lumpur

TAIWAN has indicated that it is not keen on the idea of Malaysia's IOI Properties Group (IOIPG) being a large co-owner of the iconic Taipei 101 because it is a national symbol.

According to a Reuters report, Finance Minister Chang Sheng-ford on Monday said that foreigners ought not to control the national landmark, while its investment committee hinted at a stringent approach to IOIPG's application to buy a 37.17 per cent stake in the tower.

Last Friday, the Malaysian property group controlled by tycoon Lee Shin Cheng said that it had entered into conditional share sale agreements with four companies to buy 37.17 per cent of Taipei Financial Centre Corporation (TPCC) - the owner of 101 - for NT25.14 bill…

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes