Shareholders of MTSH want issues addressed at AGM
SHAREHOLDERS of Myanmar Thilawa SEZ Holdings Public Ltd (MTSH) have resorted to the media to get their requests and concerns addressed by the company’s top executives.
That MTSH appears to be shaping up as more of a family-run business than one listed on the Yangon Stock Exchange (YSX) is the bone of contention for shareholders, according to a letter received by The Myanmar Times on September 27.
The letter, which was submitted by nine shareholders, including Myanmar Edible Oil Industries Public Corporation (MEICO), was received two days before MTSH is due to hold its fifth AGM at the Myanmar Event Park on September 29.
“An earlier request was made to the board of directors of the company to address issues shareholders should clearly know about. But as answers were not provided, this time we are writing to media outlets,” U Thura, who owns 7,500 shares of MTSH, told The Myanmar Times.
Daw Win Win Kyi, another shareholder, said MTSH is now being run based on family interests, and not the company’s. MTSH is chaired by U Win Aung, while his son U Thurein Aung, is deputy chair. In the letter, she noted that there are three independent directors appointed at the company who should be protecting the interests of minority shareholders.
According to MEICO, U Win Aung and his son are carrying out activities not agreed upon by the BOD. Among the requests is an explanation for U Win Aung’s Dagon International Company taking out around K100 million for a Feasibility Study in FY 2013-14 without the MTSH BOD’S approval. MEICO’S CEO U Thein Han also holds the position of Administration Director at MTSH.
Shareholder U Thet Tun Oo also requested an explanation in relation to Mr Law Teck Wee, a Malaysian national who served as CEO of MTSH, who had in the past brought the office computer with internal data out of the office with him. At the time, some members of the board filed a complaint at Lanmadaw police station. However, the case was eventually withdrawn.
The shareholders also raised concerns over U Theim Wai’s ongoing role as deputy chair of the company after submitting his retirement letter to the board in 2016. U Theim Wai is also chair of First Myanmar Investment Company, another Ysx-listed company.
They also asked that a detailed share ownership structure of the company be made available.
Multiple attempts by The Myanmar Times to contact U Win Aung and U Thurein Aung on September 27 were unsuccessful. Shares of MTSH closed unchanged at K2,950 apiece on the same day.