HSIN Chu Transportation, a leading land transport group in Taiwan, will buy a five per cent stake in Richfield International Holdings for about $44.2 million. The Taiwanese company is expected to sign the deal today with Richfield's largest shareholder, the family of Mr Chan Boon-ning, for its 15.7 million shares at $2.80 a share - a discount of 9.7 per cent to yesterday's closing price of $3.10. Richfield will soon change its name to Fairyoung Holdings to better reflect its diversified businesses in China. The equity participation by Hsin Chu in Richfield is seen as paving the way for joint ventures in China's transport business. Richfield was recently granted approval by the Xiamen government for the city's first foreign-funded transport operation licence. Hsin Chu also has interests in hotels and in the manufacture of tyres and machinery.
