The Taiwan Monthly

Listed Companies and Initial Public Offerings

TAI-I ELECTRIC WIRE & CABLE CO., LTD. (Code: 1613) will be delisted on November 21, 2017

TAI-I ELECTRIC WIRE & CABLE CO., LTD. (Code: 1613; "TAI-I") had failed to disclose and file its 2016, 2017 Q1 and 2017 Q2 financial reports as required by law, a fulfillment of provisions listed under Article 50, Paragraph 1, Subparagraph 1 of the Operating Rules of the Taiwan Stock Exchange Corporation.As a result, the TWSE had announced that trading of said company's listed securities will be terminated on April 7, 2017.Given it was six months since the announcement on October 7, 2017, a fulfillment of provisions to terminate listing under Article 50-1, Paragraph 1, Subparagraph 7 of the Operating Rules above, the TWSE had announced on October 11, 2017 that listing of said company's securities shall be terminated on November 21, 2017.

 

According to Article 50-1, Paragraph 2 of the Operating Rules, a company will have at least eight business days prior to the delisting implementation date (in this case 0:00 on November 9, 2017) during which it may disclose and file the overdue financial reports as required in order to satisfy the improvement requirement.Furthermore, if said company satisfies the improvement requirement and is not in any of the other circumstances described in Article 50-1, Paragraph 1 of the Operating Rules and submits an application to the TWSE together with relevant materials and evidence, the TWSE may announce an exemption from implementation of the delisting.

 

According to TWSE, TAI-I filed with TWSE on November 8, 2017, but failed to disclose its 2016 financial reports. In addition, the new auditor issued an audit report giving a disclaimer of opinion, and TAI-I failed to disclose and file its 2017 Q1 and 2017 Q2 financial reports.Therefore, the requirement for exemption from implementation of the delisting under Article 50-1, Paragraph 2 of the Operating Rules is not met, and listing of TAI-I's securities will be terminated on November 21, 2017.