In Corporate governance on 14/04/2011 at 9:04 am
The president of the Securities Investors Association of Singapore has retracted his comments on Shanghai Asia Holdings’ (SAH’s) proposal to sell all of its businesses, which he earlier said was conducted in a manner that was unfair to minority shareholders.
He said his comments “were made without knowledge of the company’s announcement” last year, in which SAH stated that an extraordinary general meeting would be held for shareholders to raise questions, and vote on the deal. And that an independent financial adviser had been appointed to advise on the merits of the deal.
In China, Corporate governance on 27/01/2011 at 5:20 am
To avoid being shafted.
I was reading these Shanghai Asia related letters to the press a couple of weeks was and preening myself myself for giving Shanghai Asia a miss several yrs ago. What attracted me then was that the company was making foil paper for cigarette manufacturers. And the Chinese were (and are) smoking all the way to hell.
But fast forward to today and this business is being sold at an unattractive price. Minority shareholders are rightly upset but can’t do anything because the controlling shareholder supports the deal.
I gave it a miss because S-Chips were then in the Wild, Wild West when it came to corporate governance. They still are it seems, notwithstanding the efforts of SGX and the SIAS, the shareholders’ champ, to assure us that S-Chips are well regulated.
Even Chinese companies listed in the US are considered dodgy by this widely followed writer on all things investments.
So let’s give S-Chips that have everything in China except a few independepent directors here a miss, shall we?