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Taiwanese financial holding firm held firm by government

Taiwanese financial holding firm held firm by government

(26 June 2006 – Taiwan) Taiwanese financial services company Mega Financial Holdings will remain in government hands following an election of board members last week. The government kept control after the election delivered one more state shareholder board seat than private shareholder seats with seven compared to six.

The Taiwanese government owns 22.8 percent of Mega Financial. One of the private shareholders is rival Chinatrust Financial Holding, which owns 15.6 percent of Mega Financial despite only starting to buy shares in the company last year.

"State shareholders will still maintain leadership in the future to boost corporate management," Taiwan’s Finance Ministry, which is one of the state shareholders, said.

Mega Financial is Taiwan’s second largest financial holding firm by assets.
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