Amvescap PLC to Purchase Majority Share of Grand Pacific in Taiwan.Business Editors LONDON--(BUSINESS WIRE)--June 27, 2001 Acquisition Strengthens INVESCO's Presence in Taiwan and Asia AMVESCAP PLC (NYSE NYSE See: New York Stock Exchange :AVZ) today announced that its INVESCO Global division has entered into an agreement in principle to purchase a 70 percent interest in the Taiwan investment management company Grand Pacific from a consortium led by Taiwan's Koos Group The Koos Group is a Taiwan-based pan-Asian business group involved in a vast range of industries, which include petrochemicals, electronics, cement, manufacturing, financial services and banking. . INVESCO will pay NT$ (fill in) per share valuing the company at approximately NT$ (fill in) (US$116 million). INVESCO has extended the offer to the remaining shareholders, and the transaction is expected to be completed in the third quarter, subject to having obtained all necessary regulatory approvals and shareholder consents. Established in 1992, Grand Pacific is a leading investment management company in Taiwan with nearly 120 employees and with assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. of US$1.9 billion as of (fill in) ranking it among the top 10 fund firms in Taiwan. It runs a portfolio of 14 funds and has over 100,000 clients. The acquisition represents a significant addition to INVESCO's fund business in Taiwan where it currently is a major provider of offshore fund products through the discretionary trust An arrangement whereby property is set aside with directions that it be used for the benefit of another, the beneficiary, and which provides that the trustee (one appointed or required by law to administer the property) has the right to accumulate, rather than pay out to the programs and savings plans of 43 local banks. "The acquisition of Grand Pacific strengthens our presence in Taiwan by broadening our ability to participate in the local market," said Mr. Michael Benson, vice chairman of AMVESCAP and chief executive officer of INVESCO Global. "This transaction highlights our strong commitment to the region and we're pleased to be working with the Koos Group, one of Taiwan's most highly respected business groups." Mr. Andrew Lo, chief executive officer of INVESCO Asia Pacific region added, "The acquisition of Grand Pacific, following our recent acquisition in Australia, builds on our strong platform in Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. and Japan and further demonstrates our commitment to the region." Mr. Angelo Koo, who represented the Koos Group in the sale of Grand Pacific, said that the Koos Group was delighted to have reached agreement with INVESCO. "We are confident that INVESCO has the best capability to bring the business of Grand Pacific to new heights," he said. "The Koos Group will continue to support Grand Pacific through various existing relationships and will continue to build on its relationship with INVESCO. We believe this transaction is the beginning of a mutually beneficial Adj. 1. mutually beneficial - mutually dependent interdependent, mutualist dependent - relying on or requiring a person or thing for support, supply, or what is needed; "dependent children"; "dependent on moisture" cooperation between the two groups in the financial markets of Taiwan and beyond." Mr. Hwa Dong Liang, head of INVESCO's operations in Taiwan said, "Taiwan is an important market for INVESCO with a large and affluent middle class, a high savings rate Savings rate Personal savings as a percentage of disposable personal income. and as yet a low mutual fund penetration. This transaction provides us with a solid platform to capture this potential by combining the international resources and experience of INVESCO with the local reach and market knowledge of the Grand Pacific team." Salomon Smith Barney Smith Barney is a division of Citigroup Global Capital Markets Inc., a global, full-service financial firm, that provides brokerage, investment banking and asset management services to corporations, governments and individuals around the world. , a member of Citigroup, acted as financial advisor to AMVESCAP in this transaction. Notes to Editors About INVESCO INVESCO is part of AMVESCAP, a leading independent global investment manager, dedicated to helping people worldwide build their financial security. Operating under the AIM and INVESCO brands, AMVESCAP strives to deliver outstanding investment performance and service through a comprehensive array of products for individual and institutional clients in more than 100 countries. The Company is listed on the London, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Paris, and Toronto stock exchanges Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. with the symbol "AVZ." About Koos Group The Koos Group, founded almost 50 years ago by Dr. Koo Chen Fu, is one of the largest business groups in Taiwan and the Asia Pacific region with total assets of over US$36 billion, approximately 20,000 employees worldwide and controlling interests in over 80 publicly listed and private enterprises. The Koos Group serves a diverse range of industries ranging from financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. and information technology to construction materials and petrochemicals. |
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