Share­hold­ers of MTSH want is­sues ad­dressed at AGM

The Myanmar Times - Weekend - - News - HTIN LYNN AUNG htin­lyn­naung@mm­times.com

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.

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