Yilian Group Announces Application for Combination
Matters Tang Rong's Position Statement
Date of events
2022/08/01
To which item it meets
paragraph 53
Statement
1.Date of occurrence of the event:2022/08/01
2.Company name:Tang Eng Iron works
3.Relationship to the Company (please enter "head office" or
"subsidiaries"):The Company
4.Reciprocal shareholding ratios:The Company
5.Name of the reporting media:Economic Daily News, Commercial Daily etc.
6.Content of the report:
The Board of Directors of two subsidiaries of E United Group,
Yieh United and YiehPhui, held meetings on January 19 and May 4 this year
respectively and approved to submit an application to the Fair Trade
Commission for business combination with Tang Eng Iron works.
If the application is approved by the Fair Trade Commission,
the aforesaid companies will directly or indirectly acquire more
than one-third or more than 50% of the equity
of Tang Eng Iron works through public acquisition or other means.
7.Cause of occurrence:
The Stock Exchange required Yieh United and YiehPhui
to issue announcement on major resolutions of the Board of Directors.
8.Countermeasures:
1. Yieh United and YiehPhui applied to the Fair Trade Commission for
integration with the Company's business without prior knowledge of
the Company, and the two companies did not inform of or consult
the Company or other shareholders in advance.
2. The Company's equity structure is stable with the controllable
equity of extensive government-owned stock exceeding 50% and having
the operation and management right. Although the Company has abundant
land resources, its operation is aimed at improving competitiveness
in its own industry and achieving sustainable development. At present,
all business and financial operations of the Company are normal.
3.The impact of the rising steel industry in Mainland China and
Indonesia on Taiwan's stainless steel market is limited to hot
rolling supply, while cold rolling products are still mainly supplied
by steel mills in Taiwan, so the market competition environment has
not changed much compared with that before. In the year of 2021,
with the prosperity of the stainless steel market, domestic steel
mills have benefited.
9.Any other matters that need to be specified:None
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Disclaimer
Tang Eng Iron Works Co. Ltd. published this content on 01 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 August 2022 10:44:01 UTC.
TANG ENG IRON WORKS CO., LTD. is principally engaged in the manufacture and distribution of stainless steel products. The Companyâs stainless steel products portfolio consists of cold-rolled steel coils and hot-rolled steel coils, which are applied in industries such as food, chemical, household decorations, construction materials, electronics, motor vehicles and medical equipment, among others. The Company operates its business through two segments. The Stainless Steel segment is principally engaged in the manufacture of stainless steel products and sales to retailers. The Rail Vehicle segment is engaged in the manufacture and retailing of rail vehicles and other retail parts.
TANG ENG IRON WORKS CO., LTD. 