Huang gets his backers on board
By Pan Xiaoyi |
December 18, 2010, Saturday
|
Print Edition
Print Edition
GOME Electrical Appliances Holding's shares surged more than 8 percent yesterday after shareholders approved two representatives of jailed founder Huang Guangyu to sit on the board of directors, ending a six-month long internal tussle over control of the retailer.
Shareholders voted in favor of the decision to enlarge the board to 13 directors from 11 at a special shareholders meeting yesterday. Zou Xiaochun, Huang's lawyer, was appointed as executive director while Huang Yanhong, sister of Huang Guangyu, was named non-executive director.
Gome rose 8.07 percent to HK$3.08 (40 US cents), versus the Hang Seng Index's 0.2 percent rise.
In May, Huang, formerly the richest person on the Chinese mainland, was jailed for 14 years after being convicted of illegal business dealings, insider trading and bribery. Although behind bars, Huang, Gome's largest shareholder, was not willing to lose control over the retailer and initiated a battle with the director board.
The battle escalated when Huang demanded the ouster of current Gome Chairman Chen Xiao and sought to overturn authorization for the board to issue up to 20 percent in new shares, which would dilute his holding.
Huang and the board finally reconciled when they reached an agreement to appoint his two representatives to the board.
Shareholders voted in favor of the decision to enlarge the board to 13 directors from 11 at a special shareholders meeting yesterday. Zou Xiaochun, Huang's lawyer, was appointed as executive director while Huang Yanhong, sister of Huang Guangyu, was named non-executive director.
Gome rose 8.07 percent to HK$3.08 (40 US cents), versus the Hang Seng Index's 0.2 percent rise.
In May, Huang, formerly the richest person on the Chinese mainland, was jailed for 14 years after being convicted of illegal business dealings, insider trading and bribery. Although behind bars, Huang, Gome's largest shareholder, was not willing to lose control over the retailer and initiated a battle with the director board.
The battle escalated when Huang demanded the ouster of current Gome Chairman Chen Xiao and sought to overturn authorization for the board to issue up to 20 percent in new shares, which would dilute his holding.
Huang and the board finally reconciled when they reached an agreement to appoint his two representatives to the board.
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