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2022.08.02
Yilian Group Announces Application for Combination Matters Tang Rong's Position Statement
Date of events:2022/08/01
  1. Date of occurrence of the event:2022/08/01
  2. Company name:Tang Eng Iron works
  3. Relationship to the Company (please enter "head office" or"subsidiaries"):The Company
  4. Reciprocal shareholding ratios:The Company
  5. Name of the reporting media:Economic Daily News, Commercial Daily etc.
  6. Content of the report:The Board of Directors of two subsidiaries of E United Group,Yieh United and YiehPhui, held meetings on January 19 and May 4 this year respectively and approved to submit an application to the Fair Trade Commission for business combination with Tang Eng Iron works.If the application is approved by the Fair Trade Commission,the aforesaid companies will directly or indirectly acquire more than one-third or more than 50% of the equity of Tang Eng Iron works through public acquisition or other means.
  7. Cause of occurrence:The Stock Exchange required Yieh United and YiehPhui to issue announcement on major resolutions of the Board of Directors.
  8. Countermeasures:
    1. Yieh United and YiehPhui applied to the Fair Trade Commission for integration with the Company's business without prior knowledge of the Company, and the two companies did not inform of or consult the Company or other shareholders in advance.
    2. The Company’s equity structure is stable with the controllable equity of extensive government-owned stock exceeding 50% and having the operation and management right. Although the Company has abundant land resources,its peration is aimed at improving competitiveness in its own industry and achieving sustainable development. At present,all business and financial operations of the Company are normal.
    3. The impact of the rising steel industry in Mainland China and Indonesia on Taiwan's stainless steel market is limited to hot rolling supply, while cold rolling products are still mainly supplied by steel mills in Taiwan, so the market competition environment has not changed much compared with that before. In the year of 2021, with the prosperity of the stainless steel market, domestic steel mills have benefited.
  9. Any other matters that need to be specified:None
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