TAIPEI: Taiwan’s embattled food giant Ting Hsin International Group has announced plans to sell its shares in the island’s iconic Taipai 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 $800 million with the Malaysian IOI Properties Group Bhd to sell its 37.17% stake in the Taipei Financial Centre Corporation that operates the landmark building. The deal is pending for the approval of Taiwanese authorities. The proceeds from the deal will be used to fulfill the company’s pledge to donate $100 million to a food safety fund and other charities, as well as paying off bank loan, company spokesman Chia Hsien-te told reporters.
Published in The Express Tribune, December 7th, 2014.
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