Innolux has nominated 4 candidates for polarizer maker Cheng Mei Materials Technology’s board of administrators election, because it seeks to stabilize the administration of the corporate’s upstream provide chain, based on an organization announcement.
Cheng Mei is scheduled to carry a unprecedented shareholders assembly on April 26 to elect a brand new board of administrators as a part of its reorganization following a current administration dispute amongst its top-level executives.
Innolux holds a 6.72% stake in Cheng Mei and has been absent from the latter’s board for 5 years. Innolux nominated vp Jeffrey Yang and investor relations division director Liu Chao-shien for the election. It additionally nominated GIO Optoelectronics president Pauline Liu and Wellstech Optical chairman Hsu Li-yen for unbiased directorships.
Innolux’s transfer comes after Cheng Mei reported web lack of NT$578.33 million (US18.76 million) in 2018, narrowing from NT$1.22 billion a yr earlier. EPS for 2018 got here to destructive NT$0.87, bettering from a web loss per share of NT$2.18 a yr in the past.
Meanwhile, Cheng Mei’s creditor banks have frozen its credit score strains and the corporate’s accountant has upheld a “reserved” perspective towards its monetary report for 2018, based on trade sources, who added {that a} lack of endorsement from the accountant may downgrade Cheng Mei’s standing as to a full-cash supply inventory.
