TAIPEI, Taiwan, June 13, 2012 /PRNewswire/ -- The momentum continues to build for an unprecedented shareholder activism effort in Taiwan which centers on the election of the Board of Directors for China Petrochemical Development Corp (CPDC). James Kuo, Chairman of the Lea Lea Group, announced today that David J.C. Chung will stand as a candidate for the CPDC Board of Directors with his group's support. James Kuo represents a group of shareholders with the domestic support of close to 40% of the voting shares of CPDC. According to Mr. Kuo, "Our group shares a common and genuine concern about the future of CPDC under the leadership of Chairman Shen Ching-jing and if we successfully gain control of the Board we would support David J.C. Chung as the new Chairman." Both Kuo and Chung emphasized their respect for the operational managers of CPDC and stated that they would continue to support this original management team.
Mr. Chung built a very impressive track record during his time as Chairman of Taiwan Fertilizer, and he is no stranger to challenges having begun his leadership of the company at the height of the financial crisis in 2008. Mr. Kuo adds that Chung would be an excellent fit for the Board of CPDC as the former Chairman of a chemical company that, like CPDC, used to be a state-owned enterprise. Chung's leadership record is also in line with Kuo and his group's plan to unlock the long-term value of CPDC. Mr. Chung helped develop a clear plan for realizing the value of idle lands at Taiwan Fertilizer. The company also paid out cash dividends, and no stock dividends, in every year during his tenure. As a result, his shareholder-value focused approach has been welcomed by global investors with foreign ownership currently at close to 40% and having reached 62.5% in early 2010 of Chung's tenure, a level unparalleled for a non-tech stock.
David Chung is very happy to accept the invitation, "I am honored to stand as a candidate for Director of CPDC and I am confident that my relevant industry experience, especially as Chairman of Taiwan Fertilizer, will enable me to contribute an insightful new view to the Board and to fairly represent all shareholders' interests."
CPDC's Annual General Meeting will be held in two weeks on Wednesday, June 27th, 2012 at 9am. All CPDC shareholders are encouraged to attend this year's AGM and vote for new leadership in the election for the Board of Directors.
Click this link for the most recent Letter to CPDC Shareholders - James Kuo (June 6, 2012)
Contact: Alex Lee
Quantum International Corp
SOURCE Lea Lea Group