Loss-making Yang Ming Sold Corporate Office

Container line Yang Ming Marine Transport Corp has sold a corporate office building in Taipei’s Neihu District for TWD1.89bn ($59.6m) as part of efforts to mitigate its losses.

News ID: 70758

Date: 09 December 2016 - 10:00

Yang Ming announced to the stock exchange that it will pocket TWD388m from the asset sale and factor the gain into its fourth quarter results, MANA correspondent reported.

The building has been sold to Nan Shan Life Insurance Company.

In the first three quarters of 2016, Taipei-listed Yang Ming recorded a loss of TWD13bn amidst protracted weakness in the global container shipping market.

Earlier this week, a legislator of the Democratic Progressive Party (DPP) suggested that the partially state-owned Yang Ming could merge with the government’s Taiwan International Ports Corp (TIPC) in a consolidation move to streamline resources and lower costs.