Chen Hsong (0057): majority shareholder votes Chiang Chi Kin, brother of Chairman, off the board at AGM
Company announcement, 22-Aug-2019
The announcement fails to state whether there is any disagreement between Mr Chiang and other directors and/or other matters to be brought to shareholders' attention. At the time of the annual report, he and his sister Chiang Lai Yuen (Chairman) were directors of the majority shareholder, Chen Hsong Investment Ltd, which is 100% held by Chiangs' Industrial Holdings Ltd, of which Ms Chiang was a director. In turn, this is held by the trustee of the Chiang Chen Industrial Charity Foundation. The 2 siblings were among eligible beneficiaries of the trust via BVI companies that they own.
Chen Hsong (0057): co has no plan to consider any privatisation proposal, none has been put forward
Company announcement, 22-Aug-2019
At this afternoon's AGM, David Webb asked whether the company consulted the majority shareholder before making this statement. The answer was "no". So this statement does not rule out the possibility that the majority shareholder is considering putting forward a proposal to the board. The meeting was video-recorded (but not webcast) by the company with 4 cameras, so the media can ask them for a copy. It's a public company after all.
Former sales manager of Chen Hsong (0057) jailed for kickbacks
ICAC, 13-Nov-2009

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