Taishan Enterprises to bid for 100% stake in JKOPay

Taishan Enterprises has announced that its board of directors has approved a proposal to participate in a court auction for 100% of the equity in JKOPay. This move follows a long-standing investment dispute between Taishan and JKOPay Financial Technology regarding a NT$3.6 billion investment.

After winning a first-instance lawsuit in the Taipei District Court, Taishan applied for provisional execution and subsequently seized assets belonging to JKOPay Financial Technology, including its entire stake in JKOPay. Taishan’s board has authorized its chairman to bid, with a maximum limit set at the original investment principal of NT$3,595.8 million, plus an additional NT$20 million above the highest competing bid. The decision is subject to approval at an extraordinary general meeting of shareholders.

In its recent financial report, Taishan recorded a net loss of NT$787 million for the first half of the year, attributed to various factors including investment losses and impairment charges related to the JKOPay case.

JKOPay has responded by stating that the litigation involves its parent company and that it has not yet entered any formal auction process. The company reported that its business remains stable, noting consecutive profits in June and July, with expectations to achieve annual profitability for the first time this year.