TTLC to release 51% of stakes by end of 2009


CNA

TAIPEI, Taiwan — State-owned Taiwan Tobacco & Liquor Corp. (TTLC) will continue to promote privatization and is planning to release 51 percent of the company’s stakes by the end of next year, TTLC President Hsu An-hsiuan said yesterday.

The privatization plan will still need the approval of the Ministry of Finance and the Executive Yuan, Hsu added.

He also said that the company will step up communications with the workers union, which has expressed concerns that privatization could affect their interests.

The TTLC, 100 percent owned by the Ministry of Finance, has promoted privatization for years without success.

Media reports said the Financial Supervisory Commission has mapped out a mid- and long-term plan to promote the listing of state-owned companies — CSBC Corp. Taiwan; Taiwan Tobacco & Liquor; CPC Corp. Taiwan; Taiwan Power Co.; and Taiwan Sugar.

The first stage will focus on the easier tasks of the CSBC Corp. and the TTLC, the reports also said.