TAIPEI (TVBS News) — Taiwan Cement's (台泥) management learned Monday evening that they had a new largest shareholder. Jeffrey Koo Jr. (辜仲諒), a scion of the company's founding family, had spent three months and NT$101.66 billion (around US$3.2 billion) buying 5.26% of the company without anyone noticing. The disclosure, filed Wednesday (April 8), states he intends to seek board representation.
Koo acquired 406,167,000 shares between Dec. 29, 2025, and March 31, 2026, through open market transactions, according to the filing with Taiwan's stock exchange. He used NT$81.56 billion (around US$2.57 billion) in personal funds and NT$20.1 billion (around US$632 million) in loans. The average purchase price was approximately NT$25.03 per share.
In the filing, Koo stated he intends to run for election himself or support others to be elected as directors (including independent directors) of Taiwan Cement. He indicated he will decide whether to acquire additional shares within the next year based on market conditions. The purpose of the acquisition was marked as "investment."
Taiwan Cement said its shareholding structure remains "stable and diversified," with foreign and institutional investors holding nearly 50% combined. "For investors who support the company's long-term sustainable development strategy, we have always maintained an open attitude," the company stated.
The timing coincided with Taiwan Cement's worst financial year. A fire at subsidiary Molicel's (三元能源科技) Kaohsiung lithium battery factory in July 2025 caused the company to recognize NT$178.4 billion (around US$5.61 billion) in disaster losses. Taiwan Cement reported a full-year 2025 net loss of NT$116 billion (around US$3.65 billion).
The company's stock price dropped to NT$20.25 (around US$0.64) on Nov. 19, 2025, before recovering. After Koo's purchases began, the stock rebounded to NT$26.95 (around US$0.85) by late January 2026. Taiwan Cement shares initially fell Wednesday morning following the disclosure but closed up 5.83%, suggesting investors viewed the development positively.
Koo displaced Chia Hsin Cement (嘉新水泥) and its subsidiary Chia Hsin International (嘉新國際), which held a combined 4.72% as of the company's 2025 disclosure. Taiwan Cement's board of directors and supervisors hold approximately 8.15% of shares. Foreign investors hold approximately 18%, according to Wealth Magazine (財訊).
Koo and Taiwan Cement's controlling family share the same lineage. Taiwan Cement Chairman Nelson Chang (張安平) is Koo's cousin-in-law, according to Business Today (今周刊). The Koo family divided its business operations in 2003, with one branch managing Taiwan Cement and another managing CTBC Financial Holding.
Mirror Media (鏡週刊) reported that Chang personally approached Koo to become a strategic shareholder, according to a Business Today (今周刊) summary of the report. The report said the two found alignment in management philosophy after multiple conversations. Taiwan Cement and Chang have not directly confirmed this account.
Whether Koo's move represents a family reunification, a financial rescue, or the opening of a boardroom battle remains unclear. He has not spoken publicly about his intentions. Taiwan Cement's board term runs until 2027, leaving more than a year before any election could formalize his influence. For now, the company's largest shareholder remains its quietest. ◼ (At time of reporting, US$1 equals approximately NT$31.80)