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Taiwan resists Malaysia IOI’s plan of $790m investment in Taipei

Taiwan resists Malaysia IOI’s plan of $790m investment in Taipei

TAIPEI: Malaysia’s IOI Properties planned $790 million investment for a 37 percent stake in the owner of the Taipei 101 skyscraper ran into trouble after the Taiwan government said on Monday it was opposed to foreign control of the landmark.

The IOI had said on Friday it was planning to buy the stake in the Taipei Financial Center for 2.74 billion ringgit ($789.74 million) from Ting Hsin International Group. But Finance Minister Chang Sheng ford told parliament on Monday that the center should not be controlled by foreigners as it is a national landmark.

The investment regulatory body’s comments came after four lawmakers urged over the weekend that the deal be rejected. Taiwan’s Investment Commission also chimed in on Monday, saying it will “present a harsh analysis” of the deal.

IOI’s corporate communications department in Kuala Lumpur did not answer phone calls and did not immediately respond to an email requesting comments on Taiwan’s stance.

The parent company of Hong Kong listed Tingyi Cayman Islands Holding Corp and maker of China’s popular Master Kong instant noodles. Ting Hsin has been under scrutiny after being hit by food scandals.

Further the Taiwan government also urged local banks not to give new loans to Ting Hsin, putting pressure on it to sell assets, including its stake in the Taipei Financial Center.