Goldsun, TransAsia Deny Report They Bid for AIG’s Taiwan Unit

Goldsun Development & Construction Co., controlled by Taiwan’s Lin family, and its unit TransAsia Airways Corp. denied a report they are bidding for American International Group Inc.’s Taiwanese life insurance unit.

“Neither Goldsun nor TransAsia made a bid for Nan Shan,” Lin Shing-chih, a spokesman for Goldsun, said today in a phone interview. The real estate developer holds a 48 percent stake in TransAsia.

The Commercial Times earlier today reported Primus Financial Holdings Ltd., Goldsun Development and TransAsia formed a group to bid for AIG’s Nan Shan Life Insurance Co., without saying where it got the information. The group offered $2.3 billion to $2.5 billion, according to the Taipei-based, Chinese-language daily.

Neither Vincent Lin, chairman of TransAsia and a board member of Goldsun, nor his father Lin Shiaw-shinn, Goldsun’s chairman, are making a bid for Nan Shan, said Max Chu, a spokesman for Taiwan Secom, Lin Shiaw-shinn’s holding company. Amanda Chou, a spokeswoman for Nan Shan, didn’t answer calls to her mobile phone.

Chinatrust Financial Holdings Co., Ruentex Group, Fubon Financial Holding Co. and Cathay Financial Holding Co. have submitted offers for Nan Shan, according to the companies and a person with knowledge of the matter.

AIG said Nov. 5 it expects to complete the sale of Nan Shan within a year. Nan Shan, based in Taipei, was set up in July 1963 and was bought by American International Underwriters Ltd., the property and general insurance unit of AIG, in January 1970, according to Nan Shan’s website. The company has 4 million policyholders.

To contact the reporter on this story: Janet Ong at jong3@bloomberg.net

To contact the editor responsible for this story: Philip Lagerkranser at lagerkranser@bloomberg.net

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