The Board of CFH asigned it's new CFO & a supervisor of CUB,resolved its Year 2003 Annual Financial results and approved the investments
2004-02-06
1.Date of occurrence of the event:2004/02/06
2.Cause of occurrence:
(1)The Board of Cathay Financial Holdings assigned Grace Chen,
CFO of Cathay United Bank,as its CFO.
(2)The Board assigned Mr.Shao-Chou Huang to replace Ms.Woan-Meei
Hsu as a supervisor of Cathay United Bank Co.,Ltd.
(3)In 2003, the operating revenue of Cathay Financial Holdings
reached NT$21,074 million with NT$20,588 million net profit
and NT$2.69 after tax EPS.
The total assets on consolidated basis were NT$2.34 trillion
and the total operating revenue was NT$525,747 million.
(4)The Board of Cathay Financial Holdings has approved the formation
of investment of Cathay Financial Services Inc.(CFS) to integrate
the capital investment and enhance the operation synergy.
CFS will be a wholly-owned subsidiary of CFH. The transaction price
of CFS is NT$16.56 per share, translating into a total investment of
NT$16.56 million.
(5)The Board approved to increase the holdings
of CathayⅡ Venture Capital Inc. to 100%.
A.The Board approved to invest in a new venture
capital company with 75% of holdings on 2003/10/24.
Based on business consideration, the Board
approved to increase the holdings up to 100%.
The authorized capital of the new venture capital company,
Cathay II Venture Capital, is NT$1,000,000,000 and
the paid-in capital of the first stage is NT$600,000,000.
B.Anticipated date of execution of the investment:2004/03/01~2004/03/31
C.Source of funds:ECB issued by Cathay Financial Holdings in 2002
D.Concrete purpose/objective:To strengthen the allocation of
long-term investments and the integration of financial resources of
the Group.
E.Any other matters that need to be specified:The investment will be proceed
after the approvals from related government's authorities.
(6)All board members agreed that CFH will make the investment to establish
a wholly-owned securities subsidiary. Additionally, Chairman is authorized
by the Board to contact the prospects regarding potential acquisitons.
3.Countermeasures:n/a
4.Any other matters that need to be specified:n/a
