Pacific Construction Co., the local partner of failed Japanese department store chain Sogo Co., said Thursday that it is eager to take over Sogo's 49 percent share in the jointly operated four Sogo department stores in Taiwan.
"We are keenly interested in buying Sogo's stake in our joint venture," Pacific Construction's acting spokesman, Chen Ching-hui, said.
Pacific Construction, listed on the Taiwan Stock Exchange, holds 51 percent of Pacific Sogo Department Stores Co., which was established in 1987 with capital of 2.304 billion Taiwan dollars (about $74 million).
Chen said that under the joint venture contract, Pacific Construction has priority purchasing rights for Sogo's 49 percent stake, although to date Sogo has not voiced its intention to sell.
On Wednesday, Sogo filed for protection from creditors after the Japanese government pulled the plug on a controversial bailout plan to waive some of the company's debts using taxpayers' money.
Lee Kuang-jung, spokesman for Pacific Sogo Department Stores, said Wednesday's announcement did not affect the Taiwan-based stores, which are modeled on those in Japan.
"Our stores are very profitable and our operations are unaffected by Sogo's problems in Japan," Lee said.