|Chennai||Rs. 24840.00 (-0.36%)|
|Mumbai||Rs. 25460.00 (-0.16%)|
|Delhi||Rs. 25450.00 (2.21%)|
|Kolkata||Rs. 25000.00 (0%)|
|Kerala||Rs. 24700.00 (0%)|
|Bangalore||Rs. 25050.00 (1.42%)|
|Hyderabad||Rs. 24930.00 (1.63%)|
Sanyang Industry Co. Ltd. (TPE:2206) announced today that major proxy advisory firm Glass, Lewis & Co. has recommended that shareholders vote FOR all of Sanyang Industry’s agenda items at the Company’s upcoming May 20th annual shareholders’ meeting.
“We were very pleased to learn that Glass Lewis is once again fully supportive of ALL our agenda,” said Sanyang Board Chairman Shi H. Huang, “Our long-term plan to enhance shareholder value by optimizing our core business operations and improving corporate governance took another step forward today.” Chairman Huang moreover added, “We are proposing corporate governance changes such as inclusion of independent directors and adoption of the nomination system for ALL Directors and Supervisors, placing us ahead of the curve in spearheading corporate governance changes not yet required by regulations in Taiwan. This is our commitment to shareholders, and we are grateful for the endorsement of the international community, including leading proxy and corporate governance advisory firm, Glass Lewis.
Among the items on the ballot at Sanyang Industry’s upcoming AGM are approval of the Company’s financial reports and dividend distribution, amendments to the Articles of Incorporation containing major corporate governance improvements, and a proposal to renegotiate with Mei Fu Construction for better apportionment of profits to Sanyang regarding the Company’s joint land development project in the Taipei Neihu District.
“One of the main pillars of our long-term shareholder value creation plan is improved capital structure management, and proper development of our land assets is an essential part,” said Chairman Huang. “Moreover, we feel that Sanyang shareholders deserve better profit apportionment terms for the Neihu Land Development Project than the one set five years ago with Mei Fu Construction Company. The most valuable asset of the Neihu property development project is our land itself, which has more than doubled in value these past few years. We want to make sure that our shareholders reap fair returns.”
More information regarding the shareholders’ meeting is available on the Sanyang Industry IR web page: http://www.sanyang.com.tw/en/news/index.php?cat=2
About Sanyang Industry
Sanyang Industry Co., Ltd., founded in 1954, is the sole international enterprise in Taiwan that manufactures and sells both motorcycles and automobiles. Its manufacturing and sales foundation covers over 75 countries. For more than half a century, Sanyang has established extensive marketing channels, strong alliances with world-leading institutions, as well as a reservoir of loyal customers and managing talents and has underpinned her growth on these foundations. In the era where hyper competition is a norm, the Company blueprints her expansion with innovation, excellence and commitment to dedicate to the society, as well as through rooting deep in Taiwan and utilizing global division of labor at the same time.
Sanyang Industry shareholders are reminded to submit proxies by 10:30 am ET on May 10, 2013. Shareholders who have questions, need help voting, or would like to speak directly with a board representative can contact Alliance Advisors at +1-973-873-7717 or firstname.lastname@example.org.