Goldsun and TransAsia deny report of Nan Shan bid

The China Post news staff

Goldsun Development & Construction Co., and its affiliated business TransAsia Airways Corp. yesterday refuted a report by a local business newspaper that they are bidding for Nan Shan Life, American International Group Inc.’s (AIG) life insurance arm in Taiwan, Bloomberg News reported. “Neither Goldsun nor TransAsia made a bid for Nan Shan,” Lin Shing-chih, a spokesman for Goldsun, was quoted by Bloomberg as saying.

The Chinese language Commercial Times reported yesterday that Primus Financial Holdings Ltd., whose earlier bid for Nan Shan was rejected by the Taiwanese regulators, Goldsun Development and TransAsia formed a consortium to bid for Nan Shan Life without naming the source of the information. The group offered US$2.3 billion to US$2.5 billion, according to the Commercial Times. Both Chairman of TransAsia Vincent Lin, who also served as a board member of Goldsun, and his father Lin Shiaw-shinn, Goldsun’s chairman, have not a bid for Nan Shan, Max Chu, a spokesman for Taiwan Secom, Lin Shiaw-shinn’s holding company, was quoted by Bloomberg as saying.

Chinatrust Financial Holdings Co., Fubon Financial Holding Co., Ruentex Group, and Cathay Financial Holding Co. have submitted offers for Nan Shan, Bloomberg reported citing the companies and a person with knowledge of the deal. AIG said Nov. 5 it expects to complete the sale of Nan Shan within a year. The Taiwan-based based was set up in July 1963 and was bought by AIG, in January 1970, according to insurer’s website. The company has 4 million policyholders and over 40,000 employees.