Taishan Foods announced tonight that it will dispose of 43,500 shares of Family Mart convenience stores, which is equivalent to selling nearly 87% of the shares it holds in Family Mart.

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[Reporter Yang Yamin/Taipei Report] Taishan (1218) Foods, which is caught in a storm of management rights, announced tonight that in order to activate the value of long-term equity investment, it will dispose of 43,500 shares of Family Mart (5903) convenience stores in a huge transaction. It is equivalent to selling nearly 87% of the shares held by the whole family.

Taishan currently holds 50,136,417 shares in Family Mart convenience stores, accounting for 22.46% of Family Mart’s equity. It is the largest shareholder of Family Mart. Family Mart can be said to be the golden hen of Taishan’s reinvestment. 100 million yuan, accounting for 70% of Taishan’s after-tax net profit. In the past two years, with the improvement of Taishan’s industry, the proportion of Taishan’s profit contribution has dropped to about 50%.

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Since FamilyMart is the second largest supermarket chain in Taiwan after Uni-President Supermarket, it has the advantages of distribution channels and good reinvestment income, which also makes Taishan attract foreign troubles. Currently, Longbang Group has eaten Taishan for more than 42 % equity, so Taishan into an unprecedented crisis of management rights.

Today, Taishan will dispose of nearly 87% of the shares held by the family, and dispose of the company's most valuable reinvestment. The market interprets this move as an attempt to eradicate Longbang's intention to snatch Taishan. As for who will Taishan transfer the family's equity to?

Taishan said that an announcement will be made after the actual transaction is completed.

Du Yingda, an independent director sent by the market leader Longbang, expressed in the audit committee and the board of directors that there are too many blank authorizations in this case, and the amount of the disposal case is close to twice the amount of Taishan’s capital. Article 185 of the Company Law should be applied, so he opposed the case.

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