PUTRAJAYA: IOI Properties Group Bhd said it is not seeking to manage the Taipei 101 skyscraper it wants to buy into.
IOI Properties, Malaysia’s second-biggest property developer by market capitalisation, announced last week that it was planning to buy a 37 per cent stake in Taipei Financial Centre Corp (TFCC) for US$790 million (RM2.75 billion).
In its filing to Bursa Malaysia, IOI Properties said it had inked a conditional share sale agreement with Golden Shine International Holding Ltd, Ting An Ltd, Ting Ji Development Co Ltd and Ting Li Development Enterprises Co Ltd to acquire 546.5 million shares of NT$10 (RM1.12) each in TFCC.
Taiwan’s Investment Commission, however, said it would give the deal a strict review after Finance Minister Chang Sheng-Ford said the iconic skyscraper should not be controlled by foreigners.
“It would be best if the right to run the building remains in the hands of our own people.”
Chang also said the world’s second-tallest tower at 509m is Taiwan’s landmark and a “spiritual symbol” .
Ting Hsin International Group is the second-largest shareholder of TFCC while Taiwan government-invested ventures, including Mega Financial Holding Co, First Financial Holding Co and Hua Nan Financial Holding Co, jointly hold a 44.35 per cent stake.
IOI Properties said it does not intend to seek management of the TFCC.
“The proposal to buy a stake in TFCC is made purely from a commercial investment standpoint. We are apolitical and abide by Taiwanese laws in all respects.”
Among Taipei 101’s high-profile tenants are Google Taiwan, Taiwan Stock Exchange Corp, KPMG and BNP Paribas.
IOI Properties said it aspires a win-win collaboration to bring Taipei 101 to greater heights, further contributing to Taiwan’s economy.