TAIPEI (TVBS News) — Nvidia (輝達) has moved closer to securing Taiwan headquarters as Shin Kong Life Insurance (新光人壽) convened extraordinary board meeting Friday (Nov. 21) to terminate contracts for T17 and T18 sites at Beitou Shilin Technology Park (北投士林科技園區). Taipei city government and Shin Kong Life Insurance agreed to terminate the NT$4.43 billion (around US$142 million) contract, clearing the path for NVIDIA's land acquisition.
Taipei Deputy Mayor Li Ssu-chuan (李四川) confirmed both parties reached consensus on the termination agreement with signing planned next week. "I believe this matter should reach a favourable conclusion," Li said. Nvidia plans Taiwan headquarters at the sites with NT$1 billion (around US$32 million) investment, while the Ministry of Economic Affairs (經濟部), Taiwan's economic ministry, approved the subsidiary application Friday.
Taipei Mayor Chiang Wan-an (蔣萬安) revealed NVIDIA VP Scott Ekman confirmed the company progresses with subsidiary setup and aims to finalize contracts before Lunar New Year. The Department of Investment Review, MOEA, approved NVIDIA's establishment of Taiwan NVIDIA Classic Co., Ltd. on Sept. 26. NVIDIA applied Nov. 12 to amend its investment plan, raising investment to NT$1 billion (around US$32 million). MOEA confirmed the project complies with foreign investment regulations and involves no prohibited or restricted items. ◼