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 Fu Wang Ceramics EGM ends in fiasco Foreign shareholders lodge complaints with SEC, BoI

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Join date : 2010-05-30

PostSubject: Fu Wang Ceramics EGM ends in fiasco Foreign shareholders lodge complaints with SEC, BoI   Mon May 31, 2010 1:03 am

Jasim Uddin Haroon

An extra-ordinary general meeting (EGM) of the Fu Wang Ceramics scheduled for Sunday last, allegedly, for transferring more than 1.0 million shares in favour of some directors was postponed in the face of protest by the local general shareholders.

The Fu Wang organised an EGM at the Bangabandhu International Conference Hall in the city and invited its shareholders from home and abroad.

The foreign investors from Taiwan and Canada also arrived at the venue in time but they were barred from entering the venue.

Later, the foreign investors met with the chairman of Securities and Exchange Commission (SEC) and executive chairman of the Board of Investment (BOI) and sought protection of their interest in the company.

They also submitted a written petition to the BOI to protect their investment.

Sources said that foreign investors have more than 600,000 shares in the company.

Shareholders alleged that the present management wanted to sell more than 1.0 million shares to some directors at Tk 167.50 each.

"We protest the transfer as it is much below the market prices," said an aggrieved investor.

The share price of Fu Wang was traded between Tk 429 and Tk 442 each on Sunday.

AKM Bahauddin, a shareholder of the company, told the FE: "It went to the meeting venue. But some people barred me and others from entering the meeting room."

"When general shareholders created chaos and entered the meeting forcibly, the managing directors and other directors fled the venue," Mr Bahar who is also a ruling party lawmaker said.

However, none from the Fu Wang management could be contacted for comment.
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