Taiwan's Shin Kong to inject T$3 bln more in unit
TAIPEI, April 9 (Reuters) - Shin Kong Financial (2888.TW: Quote, Profile, Research, Stock Buzz), parent of Taiwan's No. 2 life insurer, will invest an additional T$3 billion ($99 million) in its insurance arm to help make up the writedowns it had due to the U.S. subprime crisis.
The latest injection comes after a T$7 billion rights issue earlier this year to help improve its financial structure, the company said in a statement late on Tuesday after a board meeting.
Shin Kong Life, the insurance arm, wrote off a total of T$1.76 billion for credit impairment from its investment in collateralised debt obligations (CDOs), it said.
On Wednesday, Shin Kong's stock had jumped 3.9 percent to its highest level in almost three weeks, beating a 1 percent gain on the broader market . (US$1=T$30.5) (Reporting by Faith Hung; Editing by Anne Marie Roantree)
© Thomson Reuters 2008 All rights reserved
Ads by Career Builder
Commercial Real Estate (CRE) Servicing and Asset Management
Details: ...Bank is seeking Real Estate Finance professionals for its Commercial Real Estate Servicing and Asset Management...
VP - Real Estate Finance
Details: ...seeks a VP - Real Estate Finance. This person...accounting, operations and reporting process...international funds real estate opportunity funds...staff; coordinate and review quarterly financial statements and...
Construction and Real Estate Advisory Services - Corporate Real
Details: ...Construction and Real Estate Advisory Services - Corporate...world evaluate and enhance their risk management and business process functions. The Real Estate Advisory Services (REAS) group...
Commercial Investment Real Estate Broker
Details: ...Investment Real Estate Brokerage from...offices nationwide and over $21 billion...is the largest Real Estate Investment Services firm in the nation...centers, office and industrial buildings...




