Institutional shareholders of Tatung Co (大同) yesterday said that they would hold an open and accountable special shareholders’ meeting next month and rally behind competent candidates to steer the century-old household appliance maker.
Hsin Tung Co (欣同公司) and New Tatung Co (新大同公司), which have significant stakes in Tatung, said that they consider Eastern Broadcasting Co (EBC, 東森電視) chairman Lin Wen-yuan (林文淵) an “acceptable” choice for the chairman’s seat.
Lin was earlier tapped by Rowda Tech Co (羅德公司) to run for chairman at Tatung after the government last month approved a special shareholders’ meeting to re-elect board directors at the behest of Hsin Tung and New Tatung.
Photo: Hsu Yi-ping, Taipei Times
“All shareholders may take part in the extraordinary meeting on Oct. 21, and exercise their right in a fair and transparent manner,” Hsin Tung chairman Lin Hung-hsin (林宏信) told a media briefing.
Financial regulators refused to recognize the results from Tatung’s general shareholders’ meeting on June 30 when the group blocked rival institutional investors who intended to unseat then-Tatung chairwoman Lin Kuo Wen-yen (林郭文艷).
Tatung consists of three business groups and eight business units, including real-estate subsidiary Shan Chih Asset Development Co (尚志資產開發), which has massive landholdings across Taiwan.
The group is also embroiled in labor disputes from lossmaking Green Energy Technology Inc (綠能科技) and display manufacturer Chunghwa Picture Tubes Ltd (中華映管).
Rowda, led by Shanyuan Group (三圓建設) chairman Wang Kuang-hsiang (王光祥), decided to throw its support behind Lin Wen-yuan after seeking unsuccessfully to replace Lin Kuo in June.
The board re-election is the only item on the special meeting’s agenda, said Lin Hung-hsin, who is eyeing a seat in the nine-member board of directors.
“Under my supervision, the property development arm could achieve greater proficiency, while unprofitable subsidiaries could lower investment risks,” Lin Hung-hsin said.
Together, Hsin Tung and New Tatung control a 3 percent stake in Tatung, while Rowda Tech and its allies control another 11 percent, Lin Hung-hsin said.
With help from foreign institutional investors, market factions own up to 60 percent of Tatung’s shares and should be able to dominate the board, Lin Hung-hsin said.
New Tatung chairman Yung Rong-kong (楊榮光) agreed, adding that the two would hold discussions next week on who should run for director’s seats on their behalf.
Tatung has filed lawsuits against Lin Hung-hsin and other institutional investors, accusing them of manipulating Tatung share prices with support from questionable funding.
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