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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