Taipei:Ting Hsin International Group executive Wei Ying-chiao has purchased an over 17 percent stake in Taipei Financial Center Corp. (TFCC), which operates the iconic Taipei 101 skyscraper, from Japanese business group Itochu.

According to Focus Taiwan, Itochu transferred its entire 17.274 percent stake in TFCC to Cheng Mei Capital Co., a company owned by Wei. Cheng Mei Capital was established on July 14, with Wei as its representative, and its business operations include investments, venture capital, and business consulting services.

TFCC expressed its respect for Itochu's decision to sell its stake and welcomed Cheng Mei Capital as a new shareholder. The company anticipates that Cheng Mei and other shareholders will collaborate to ensure the continued prosperity and growth of Taipei 101, thereby enhancing returns for all shareholders.

Wei Ying-chiao, in a separate statement, expressed his optimism about Taipei 101's business prospects. He committed to working alongside the management team and other stakeholders to support the stable growth of the skyscraper.

Previously, Ting Hsin had a significant stake in Taipei 101 but was compelled to divest following an edible oil scandal in 2014. The company sold its 37.17 percent interest to Itochu for US$665 million, with the transaction finalized in 2018. Since then, Itochu has been reducing its stake, including transferring shares to its subsidiary and various government-invested banks. Currently, a government-led consortium holds around 70 percent of TFCC.