Jih Sun Financial Completes Cash Recapitalization Plan

Taipei, April 16, 2009 (CENS)--Jih Sun Financial Holding announced on April 14 the completion of an NT$9.4 billion cash recapitalization plan, which will transform it into the first foreign-invested financial holding company in Taiwan.

The recapitalization was carried out via the issuance of new shares at NT$4 per share, and of the fresh fund for the plan, NT$2.65 billion came from SIPF B.V., a wholly owned subsidiary of Japan's Shinsei Bank, and NT$5.55 billion from Capital Target Limited, a subsidiary wholly owned by Best Fortune Ltd. SIPF B.V., will hold 36% stake and Capital Target Ltd. 28% in Jih Sun.

Meanwhile, the board of directors of Jih Sun has appointed Donald Chen as new chairman and Chao Yong-fei as general manager, while giving outgoing chairman Chen Kuo-ho the title of honorary chairman.

Donald Chen is a veteran banker, serving stints such as chairman of the Land Bank of Taiwan and chairman of Taiwan Land Development and Trust Corp. Chao is a veteran staffer of the Jih Sun Group, including being the general manger of Jih Sun Holdings.

Derek M.D. Chen, a board director of Capital Target Ltd., pledged that Capital Target will fulfill its responsibility as a major shareholder to optimally support Jih Sun Financial Holdings, as well as being chairman of Chenco Holding Company, a U.S. realty investor and parent firm of Best Fortune Investments Ltd. Hong Kong.