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Sinopac Financial to Undertake Private Placement, Merger Unit

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Sinopac Financial (TPE:2890) approved a private placement of up to 481 million new shares in unit SinoPac Securities worth about NT$12.5 billion, according to Friday Taiwan Exchange filing.

The private placement, priced tentatively at NT$26 per share, is intended to strengthen SinoPac Securities' capital structure, improve its capital adequacy ratio and support future business expansion.

In a separate same-day filing, SinoPac said King's Town Securities will merge into SinoPac Securities, subject to regulatory approval. The group said the move will integrate resources, expand its brokerage market share in Taiwan and generate operational synergies through the combined branch network, customer base and talent pool.

In another Friday filing, Bank SinoPac said it sold a $18 million syndicated loan to Hua Nan Commercial Bank to reduce risk exposure. The transaction did not result in any gain or loss.

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