2014-11-20

【Press Release Information November 20, 2014】
Taroko disposes of equity assets It is expected to inject new business momentum before Q3 next year

In order to optimize the company’s future operation and financial structure, Taroko plans to sell the equity of Happy Year Investment Limited (Qingnian Investment Co., Ltd.) together with its subsidiary, Taroko Construction Co., Ltd., with a total of 15,750,000 shares and an estimated profit of RMB 17 million (about NT$85 million), which is expected to be completed in phases by the third quarter of next year. The disposition proceeds will be invested in the development of Taroko Caoya Road and the expansion of domestic sports and leisure business.
Taroko disposed of asset income and injected the momentum of commercial real estate development
In order to improve the efficiency and flexibility of capital use and facilitate business development, Taroko will sell 100% of the shares of Happy Year Investment Limited, the holding company of Shandong Daluge Weaving and Dyeing Industry Co., Ltd., through GOWIN DEVELOMENT LIMITED and its subsidiary, Taroko Construction Co., Ltd. The sale price is RMB115 million (approximately NT$575 million), net of purchase costs and related expenses, with an estimated profit of RMB17 million (approximately NT$85 million), which will be purchased by Yingbo Holdings Group Limited and will continue to operate the textile business in the future. The interest in the disposal of the assets will be recorded in two installments and are expected to be recognized in the second and third quarters of next year respectively. The disposition proceeds will be applied to the development of Taroko Caoya Road and the investment layout of domestic sports and leisure business, so as to inject the momentum of the development of Taroko new business.
Taroko transforms commercial real estate with success, new business, entertainment and leisure expansion, and the next city in the mainland
Taroko actively develops the commercial real estate business by recruiting a team of professional managers with many years of real estate development experience and strategic cooperation with well-known domestic and foreign developers, retailers and other partners. The first flagship development project, Taroko Caoya Road, has reached 65% of the investment progress, and the main stores include Suzuka Circuit Park and Ambassador Studios, which are expected to be put into trial operation by the end of 2015. In addition, with more than 10 years of experience in Taiwan’s entertainment and leisure industry, Taroko has entered the Chinese market with original experiential entertainment solutions, and currently has offices in Suzhou and Chengdu. In the future, Taroko will continue to focus on the operation of commercial real estate related businesses, in order to create more industrial achievements!