PJ Asset Management Issues Letter to TECO Electric Shareholders
April 24, 2020 at 12:00 am EDT
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On April 24, 2020, PJ Asset Management Company issued a letter in response to the feedback received from a number of other shareholders of TECO Electric and Machinery Co., Ltd. regarding PJ Asset's recent press release urging shareholders' full support of its proposal of a 10% capital reduction that would return cash to shareholders. Further, PJ Asset added that it appreciates various shareholders' attention to this matter and issued 3rd letter to clarify its investment philosophy and code of ethics.
TECO Electric Machinery Co Ltd is a Taiwan-based company mainly engaged in the manufacture and sale of heavy electricity equipment and electronic control products. The Company operates through two business segments. The Heavy Electrical Equipment segment is engaged in the manufacture and sale of various motors, reducers, inverters and generators. The Home Appliances segment is engaged in the manufacture, installation and sale of various televisions and other video appliances, as well as air conditioners, refrigerators, washing machines and small household appliances. The Company is also engaged in the provision of power engineering services and power equipment, as well as electric vehicle products, fire pumps and other products. The Company operates within the domestic market and to overseas markets, including the Americas, Europe, Australia, Japan, Singapore, Indonesia and mainland China.
TECO ELECTRIC & MACHINERY CO., LTD. 
