Taiwan Life Insurance Co., Ltd. (Taiwan Life), a subsidiary of CTBC Financial Holding, has been selected by the Taichung City Government as the preferred applicant for the "Taichung City Sports Industry Park New Construction, Operation, and Transfer (BOT) Project." Taiwan Life will be responsible for the development and operation of this project. Further details will be processed according to regulations upon receipt of the official document from the city government.
1. Date of Fact Occurrence: 115/06/10 (Republic of China calendar)
2. Company Name: Taiwan Life Insurance Co., Ltd.
3. Relationship with the Company (Please enter "Parent Company" or "Subsidiary"): Subsidiary
4. Proportion of Mutual Shareholding: A subsidiary wholly owned by the Parent Company (100%)
5. Reason for Occurrence: The Sports Bureau of the Taichung City Government announced that Taiwan Life has been selected as the preferred applicant for the "Taichung City Sports Industry Park New Construction, Operation, and Transfer (BOT) Project."
6. Countermeasures: Proceed according to the regulations of the competent authority upon receipt of the official document from the city government.
7. Other Matters to be Noted (If the subject of the event or resolution is a publicly issued company or above, and this major information also meets the criteria of Article 7, Paragraph 9 of the Regulations Governing the Application of the Securities Transaction Act regarding matters that have a material impact on shareholders' equity or securities prices): This project requires approval from the competent authority before proceeding.
FACT BOX
- Source: PR Times
- Category: Government
- Dates in source: 115/06/10
- Products / services: BOT Project Development / Insurance
FAQ
What kind of project is the "Taichung City Sports Industry Park BOT Project" for which Taiwan Life was selected?
It is a project for the development and operation of a sports industry park promoted by the Taichung City Government, to be implemented using the BOT (Build-Operate-Transfer) method where a private entity handles everything from construction to operation.
What role will Taiwan Life play in this project?
As the preferred applicant, Taiwan Life will be responsible for the construction, operation, and transfer of the sports industry park.
What does this project mean for Taiwan Life?
In addition to its insurance business, it represents an entry into the new field of infrastructure development and operation, aiming for business diversification and contribution to the local community.
What are the next steps?
Procedures will proceed according to regulations upon receipt of the official document from the Taichung City Government, and approval from the competent authority is required.
How might this news impact Taiwan's real estate and construction industries?
The participation of a company under a major financial group in a large-scale infrastructure project may increase interest from competitors in similar projects, fostering competition.