Quanchai shareholders irritated

Shanghai: Last Friday, representatives of Quanchai Power’s non-controlling shareholders sent a letter to the Quanchai Board, to propose the convening of an Extraordinary General Meeting and request the company and its controlling shareholders disclose key information regarding Rongsheng Heavy Industry’s acquisition over Quanchai Power.

These investors including Societe Generale Global Fund Management Limited, Orient Securities Company, Zhejiang  Ningju Investment Management Company, Ningbo ND Power Investment Development Company, hold 10.18% of Quanchai’s shares, which is enough to propose an Extraordinary General Meeting according to the law.

Meanwhile, representatives of medium-small individual investors have submitted a letter to China Securities Regulatory Commission to request the commission to supervise Rongsheng Heavy Industry to fulfill the contract obligations and protect the interests of small shareholders.

After Rongsheng announced it would postpone the acquisition of Quanchai Power, the stock price of Quanchai Power has declined 26% in eight days.  [06/08/12]

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