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Archive for June 18th, 2012

CPDC Chairman & CEO Sends Open Letter to the Company’s Shareholders

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TAIPEI, June 15, 2012 /PRNewswire-Asia/ — On June 27, 2012, China Petrochemical Development Corporation (“CPDC”) will hold its Annual General Meeting. The most critical ballot item for this year’s meeting is the election of directors, including two independent directors. Because of the LeaLea Enteprise Co., Ltd. (“LeaLea”) has recently disseminated false accusations to defame CPDC’s board and management team. The chairman & CEO, Sheen, Ching-Jing thereby sent a letter to CPDC’s shareholds to clarify some of the issues raised in these materials.

CPDC was state-owned enterprise originally, then listed in the stock market and privately operated according to the Statute of Privatization of Government-Owned Enterprises( http://www.cepd.gov.tw/dn.aspx?uid=1345 ) since 1994. The current management team, Core Pacific Group, has consistently created shareholder value since then.

CPDC is one of a few companies in Taiwan run by professional managers. Unlike many other Taiwanese enterprises, such as LeaLea Group, which are still family-owned, its ownership is clear and simple and hence it does not have the attending obstructions in financial capital. CPDC are transparent and pursue a single goal: maximizing value for its shareholder.

Mr Sheen, Ching-Jing emphasizes that CPDC under his team’s leadership was still able to achieve record performance last year, regardless of the difficulties presented by the extremely adverse global economic conditions. Altogether, CPDC’s team consisting of professional experts to grow CPDC and commit to grow with shareholders with the ultimate goal of maximizing shareholder value.

Click this link for the letter (June 12, 2012):Chairman’s Letter to Clarify Distorted, Untruthful and Potentially Libelous Criticisms Disseminated by a Group of Dissident Investors( http://www.cpdc.com.tw/upfiles/report01339724987.pdf )

For the analysis of CPDC’s financial performance, please visit: http://www.cpdc.com.tw/upfiles/report01339723432.pdf

Contact:

Spencer Pai
Mega Bridge Consultants Ltd.
+886-2-8726-1300
spencer@mega-bridge.com

SOURCE﹛China Petrochemical Development Corporation

Written by asiafreshnews

June 18, 2012 at 4:51 pm

Posted in Uncategorized

CPDC Board Benchmarks Performance Against Proxy Contest Dissident

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TAIPEI, June 15, 2012 /PRNewswire-Asia/ — CPDC – China Petrochemical Development Corp. (TT:1314) released today an analysis of its financial performance, comparing the company to a group that included 17 of its peers in the industry and LeaLea Group, a dissident shareholder group currently seeking control of the company’s board at CPDC’s June 27th AGM.

The detailed
report( http://www.cpdc.com.tw/upfiles/report01339723432.pdf ) highlights CPDC’s financial performance in the categories of profitability, working capital management and financial structure. It shows that CPDC has not only consistently outperformed its peers over the last three years, but also significantly outperformed LeaLea’s own company. “Based on the facts presented, I think shareholders will be hard-pressed to believe LeaLea’s statements that they know what’s best for CPDC,” commented CPDC’s Chairman Ching-Jing Sheen, “especially when they’re not doing a very good job of running their own company.”

The financial analysis report is the latest in a series of recent documents posted to CPDC’s “Column for Foreign Investors( http://www.cpdc.com.tw/english/04_ir/04ir_10foreign.php?ID=11 )” section of its IR webpage. Within the postings is an overview of CPDC’s business strategy that includes an explanation of CPDC’s strategy for investing in mainland China, a key platform issue for LeaLea.

Shareholder value remains CPDC’s highest priority. In his May 21st letter( http://www.cpdc.com.tw/upfiles/report01337597312.pdf ) to shareholders, Chairman Sheen outlined the corporate governance improvements on the horizon for CPDC, which includes adding a third independent director to the board, the formation of an audit committee (comprised solely of independent directors), and the establishment of two sets of ethical guidelines for both employees and management.

“LeaLea has no interest in long-term value for CPDC’s shareholders,” stated Chairman Sheen. “Since the April record date, their affiliate with the most shares sold a significant portion his position, which clearly demonstrates that they’re not investors: they’re speculators.”

CPDC urges shareholders vote FOR the 11 CPDC nominees and AGAINST those nominated by LeaLea Group.

Click this link for the letter (June 15, 2012): Chairman’s Letter: Comprehensive Insights of CPDC’s Financial Performance( http://www.cpdc.com.tw/upfiles/report01339723432.pdf )

For more information about CPDC, please contact:

Ching Shian Yang
Sr. Vice President
csyang@cpdc.com.tw
+886-2-8787-8460

Gary Liu
Sr. Vice President
gary111020@cpdc.com.tw
+886-2-8787-8503

Spencer Pai
Mega Bridge Consultants Ltd.
spencer@mega-bridge.com
+886-2-8726-1300

SOURCE﹛China Petrochemical Development Corporation

Written by asiafreshnews

June 18, 2012 at 4:18 pm

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World Design Capital Helsinki 2012 Pavilion is Open and Invites all Those Who Love Design, Architecture and Urban Culture!

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HELSINKI, June 15, 2012 /PRNewswire-Asia/ — World Design Capital Helsinki 2012 has opened its central meeting place, the Pavilion( http://wdchelsinki2012.fi/en/pavilion ), in Helsinki. Together with the surrounding Design Museum( http://www.designmuseum.fi/en ) and the Museum of Finnish Architecture( http://www.mfa.fi/frontpage ) it will form the heart of the WDC Helsinki 2012 for the summer months. In the Pavilion everyone can see and experience what the world design capital year is all about.

To view the Multimedia News Release, please click:Aalto University( http://living.aalto.fi/en ) Wood Studio students and specialists represents architecture of a new era and top know-how of Finnish wood construction. The sunny building allows the visitor to enjoy the best parts of summer. The area of the covered part of the building is 470 m2.

The Pavilion is open from Tuesday to Sunday, 12 May-16 September 2012, from 11 am to 9 pm. The programme is based on a weekly timetable and it can be explored at the Pavilion’s website( http://wdchelsinki2012.fi/en/pavilion ). There are daily discussions, workshops, activity and socializing with music and film. The programme will be complemented by the versatile exhibition offering of the surrounding museums, and the numerous activities at Design District Helsinki( http://www.designdistrict.fi/news ).

A cafe serving locally grown summer food will also operate in the Pavilion, as well as a reading corner inviting visitors to browse topical publications and treasures of the archives. A push cart shop will offer WDC Helsinki 2012 products.

The Pavilion is implemented by World Design Capital Helsinki 2012( http://wdchelsinki2012.fi/en ), Aalto University( http://living.aalto.fi/en ), Museum of Finnish Architecture( http://mfa.fi/frontpage ), Design Museum( http://www.designmuseum.fi/en ), and UPM( http://www.upm.com/en/Pages/default.aspx ). The programme is co-ordinated by Demos Helsinki( http://demos.fi/english ). The Pavilion is located in Helsinki between the Design Museum and Museum of Finnish Architecture at Ullanlinnankatu 2-4, Helsinki.

The-WDC-Helsinki 2012 programme( http://wdchelsinki2012.fi/en/programme%22%20%5Ct%20%22_blank )-contains more than 300 projects, all of them utilising or showcasing design in various ways.-The programme can be explored at the website( http://wdchelsinki2012.fi/en/programme ) and in the mobile application WDC2012( http://wdchelsinki2012.fi/en/app ). In addition to the programme, the World Design Capital Helsinki 2012 website offers news, columns and blogs about Finnish design. One can also get to know Finnish designers in special video portraits( http://wdchelsinki2012.fi/en/news/2012-01-02/designers-video-portraits ).

The World Design Capital is an initiative of ICSID( http://www.icsid.org ), the International Council of Societies of Industrial Design, which every second year recognizes one global city for its accomplishments in utilizing design as a tool to improve social, cultural and economic life.

For further information and listings visit http://www.wdchelsinki2012.fi.

Video: http://www.multivu.com/mnr/53831-wdch

SOURCE﹛World Design Capital Helsinki 2012

Written by asiafreshnews

June 18, 2012 at 2:07 pm

Posted in Uncategorized