5/20/2014 1:20:00 AM
HEADLINES
Tsai Family Sells 20 Million Shares of Gem-Year
Tsai Yung-Lung
Tsai Yung-Lung and his family sold 20 million shares of Gem-Year Industrial Co., Ltd. last week, Forbes magazine reported.
At $750 million, the Tsais family ranked No. 46 on Forbes’ list of wealthiest Taiwanese.
Tsai’ Chin Champ Enterprise continues to own a 53.6% majority of the fastener manufacturer.
Subsequent to the family selling, Gem-Year shares fell by 2% on the Shanghai Stock Exchange, but the price remains at about the same level as a year ago.
The family sold shares at 8.55 yuan each — for a total of US$27.6 million, according to a company announcement. Chin Champ did not announce a reason for selling Gem-Year stock.
Founded in 1995, Gem-Year has over 2,500 employees and 170,000 million sq. meters of space, its own canal loading dock, automatic retrieval warehouse with capacity of 100,000 metric tons, and a R&D center. Gem-Year related companies include Jin-Herr Taiwan and Chin-Well Malaysia.
Gem-Year’s annual production capacity is 200,000 metric tons and is ranked in “China’s Top 500 Machinery Enterprises.”
Gem-Year has 37 company-direct sales/retail locations and 10 sales representative offices in China. Gem-Year exports fasteners to North America, Europe and Japan. ©2014 GlobalFastenerNews.com
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