First Financial: Will merge fund unit with 3 state-owned fund companies
Today 09:47
First Financial: Will merge fund unit with 3 state-owned fund companies TAIPEI, Oct 22 (Reuters) - First Financial Holding 2892.TW said on Thursday that its fund unit will merge with three fund units each owned by Mega Financial 2886.TW, Hua Nan Financial 2880.TW and Taiwan Cooperative Financial 5880.TW.
The merger would make the 4 combined state-run companies a more competitive player in the management of assets industry.
Combined assets under management after the merger would total T$500 billion ($15.4 billion).
The merger would swap shares at a ratio of 1 share of First's fund unit for 1.4532 shares of Mega's, 2.7321 shares of Taiwan Cooperative's, and 4.4140 shares of Hua Nan's.
Expects merger to close in 2028, pending regulator approval.
(Reporting by Faith Hung)
((faith.hung@thomsonreuters.com;))
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