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Major Shareholding Transfer Takes Place in Cathay Financial Holding

2011/03/02 | By Philip Liu

Taipei, March 2, 2011 (CENS)--A massive shareholding transfer has occurred within Cathay Financial Holding, as Tsai Hong-tu, chairman of the company, and other major shareholders has taken over the entire stake owned by his brother Tsai Chen-yu, former vice chairman of the company, who retired from the company last July.

Tsai Hong-tu and other major shareholders have secured a massive NT$66 billion syndicated loan, at an annual interest rate of 2%, a rather high level under the current market situation. It is higher than the going rate of over 1.5% for syndicated corporate loans but lower than over 2% for construction loans. The money was already remitted into the banking account of the shareholding seller.

The money was borrowed in the names of two investment companies controlled by Tsai Hong-tu, using Cathay stocks as collateral.

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