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MarketScreener Homepage  >  Equities  >  Taiwan Stock Exchange  >  Formosa Chemicals & Fibre Corporation    1326   TW0001326007

FORMOSA CHEMICALS & FIBRE CORPORATION

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Norway fund excludes firms over human rights violation risk

08/31/2020 | 06:32am EST

Norway's $1 trillion wealth fund said it had excluded Taiwan's Formosa Chemicals and Fibre, Formosa Taffeta and India's Page Industries from its portfolio, saying they posed an "unacceptable risk for violation of human rights".

The world's largest sovereign wealth fund sells holdings before announcing such exclusions to avoid excessive market moves.

Formosa Chemicals and Fibre declined to comment. An official reached by telephone at Formosa Taffeta said the company was closed for the day. Page Industries was not immediately reachable for comment.

In recent years the fund, which operates under guidelines established by the Norwegian parliament, has focused on working conditions in textile factories in Asia, excluding companies it thinks pose an ethical risk to its investments.

Set up in 1996 to preserve Norway's oil revenues for future generations, the fund holds around 1.5% of globally listed shares and its decisions are often followed by other investors.

At the end of 2019, NBIM held a 0.84% stake in Formosa Chemicals & Fibre, valued at $144 million, and a 0.64% stake in Formosa Taffeta valued at $12.2 million.

The stake in Page Industries at that time stood at 0.42%, with a market value of $15.4 million.

The fund said in the statement that its management will also scrutinise oil firm PetroChina's work, engaging in active ownership in the hope of boosting the company's anti-corruption practices.

PetroChina was not immediately available for comment.

PetroChina had been under observation for possible exclusion since 2017 and had not responded to inquiries from the fund's ethics watchdog, the Council on Ethics, Norges Bank said.

The board of the Norwegian central bank, which manages the fund, concluded "active ownership" was therefore appropriate.

The fund held 0.17% of PetroChina shares at the end of 2019, valued at $159.6 million. It did not say whether the stake had changed since the start of 2020.

By Gwladys Fouche and Terje Solsvik


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
FORMOSA CHEMICALS & FIBRE CORPORATION -0.25% 80.7 End-of-day quote.-4.72%
FORMOSA TAFFETA CO., LTD. -1.18% 29.25 End-of-day quote.-5.80%
LONDON BRENT OIL -1.92% 55.07 Delayed Quote.8.61%
PAGE INDUSTRIES LIMITED 2.04% 29349.6 Delayed Quote.6.30%
PETROCHINA COMPANY LIMITED -4.17% 2.53 End-of-day quote.5.42%
WTI -1.77% 52.063 Delayed Quote.10.00%
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Financials
Sales 2020 254 B 9 073 M 9 073 M
Net income 2020 17 924 M 641 M 641 M
Net cash 2020 34 484 M 1 233 M 1 233 M
P/E ratio 2020 26,7x
Yield 2020 2,79%
Capitalization 472 B 16 869 M 16 881 M
EV / Sales 2020 1,72x
EV / Sales 2021 1,49x
Nbr of Employees -
Free-Float 57,1%
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Technical analysis trends FORMOSA CHEMICALS & FIBRE CORPORATION
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 10
Average target price 86,30 TWD
Last Close Price 80,70 TWD
Spread / Highest target 33,8%
Spread / Average Target 6,94%
Spread / Lowest Target -23,2%
EPS Revisions
Managers and Directors
NameTitle
Wen Chin Lue General Manager & Director
Wen Yuan Wang Chairman
Tsan Chang Chuang Head-Finance
Ruey Yue Wang Executive Director
Wen Hsiang Wang Director
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