By Kao Shih-ching / Staff reporterShin Kong Financial Holding Co (新光金控) plans to raise more than NT$10 billion (US$329.13 million) to strengthen its insurance and banking subsidiaries. Shin Kong said that it would price the new common shares based on the company’s share price, while the price for special shares would likely be between NT$40 and NT$60 per share. The company plans to inject NT$3 billion from the funds raised to Shin Kong Commercial Bank (新光銀行) and the rest into Shin Kong Life Insurance Co (新光人壽), Shin Kong Financial senior vice president Sunny Hsu (徐順鋆) told the Taipei Times by telephone. Shin Kong is the first among the nation’s 15 financial holding firms that announced plans to raise new capital. With the company’s shares closing at NT$9.74 in Taipei trading on Tuesday, that proposal suggests a dividend yield of 4.19 percent.

Source: Taipei Times February 26, 2020 15:56 UTC