Friday, 20/02/2009 11:44

Cotton company shareholders sack board

Shareholders of the Ho Chi Minh City-listed Bach Tuyet Cotton Company toppled the firm’s board Thursday at an ad-hoc shareholders’ meeting.

They said the board was weak and failed to use the company’s funds in an optimal manner, leading to losses for the cotton-products manufacturer and a drying up of dividends since 2004.

They voted in a new board with just three from the old board in it.

Bach Tuyet was famous for cotton products and it was, in fact, the only supplier in the country for a long time.

On the market, BBT shares almost hit the daily 5 percent ceiling, closing at VND4,000.

Minh Quang

thanhnien

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