Yuchai International by Singaporean tycoons controlling shareholders to remove t
The Board will be part of the investor's request to convene a special meeting. At the meeting, investors will vote on whether these overseas listed companies and two executives were dismissed.
"Over the years, Yuchai International is controlled by Hong Leong Group Singapore. The situation, the Yuchai International can not properly disclose the performance, some level is dereliction of duty." One investor said.
As Guangxi Yuchai Group affiliates, "Yuchai International," Hong Leong Asia's largest shareholder holding 21.2%, Yuchai Group, Sharkey payments and public shareholders holding 18%, respectively, 5.8% and 49.8% shares. Hong Leong Asia are Singapore, the actual control of the Kwok family, rich in Southeast Asia.
9 4 Day will be executives of minority shareholders is the proposed removal of a director (Hong Leong Asia CEO Zhang Donggui) and one independent director and Chairman of Audit Mr.TanAik-leang. In addition, two additional independent directors the United States.
U.S. fund management company, a person Sharkey to the CBN, told reporters that Yuchai International of all investors vote over the proposal, such as access to the shareholders holding more than 50% in favor of the resolution will come into force. "We want to find a full-time and have the U.S. market experience and the ability of people to replace him, did not want him to any of Yuchai International's director." The person believes that the two executives did not discharge their responsibilities, "Yuchai International Quarterly do not see, the total annual late. "However, Yuchai International Board of Directors on July 30 issued a notice does not agree with this practice.
Yesterday, CBN reporter contacted the Hong Leong Asia's people, but the other did not respond at press time.
Another important proposal of the special session of small shareholders wish to abolish the outdated "golden shares."
"Golden shares" refers to, minority shareholders have veto power. China Yuchai International, holds the "golden share" is not Yuchai Group, but Singapore's Hong Leong Asia. Recipients
the Sharkey said, due to Hong Leong Asia has veto power in the hand, it Yuchai International business, management had actual control, resulting in some of the decision-making difficult.
Public reports show that in 2002, Yuchai Machinery Co., Ltd. (holding 75% of Yuchai International, Ltd. Diesel engine Business) had received counseling BOC's listing, but the final result is not due to foreign (Hong Leong Group) do not agree with signature.
Yuchai Group has worked hard to get rid of golden shares, but without success. Had publicly quoted Wang Jianming, former chairman of Yuchai Group, a number of evaluation: "Due to historical reasons, Yuchai Group was selected a number of short-term investors Cooperation To long-term development of enterprises brought some regret. "
"We hope these proposals will be in favor of Yuchai Group. Thus, to maximize the interests of shareholders." Recipients these Sharkey said.
I am an expert from China Quality Dress, usually analyzes all kind of industries situation, such as large format fabric printing , ink jet t shirt transfers.
Processing your request, Please wait....
