PJ Asset Management Provides Information to the Shareholders
May 13, 2020 at 04:53 am EDT
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On May 13, 2020, PJ Asset Management Company issued a letter to communicate its appreciation for the support from all shareholders of TECO Electric and Machinery Co., Ltd. regarding PJAM's recent press releases calling for actions at TECO's annual shareholder meeting held on May 11, 2020. The voting results of two agenda items in PJAM's call for action were not in line with PJAM's expectations. However, the process brought about TECO's expressed willingness to raise its corporate governance standard, which strengthens PJAM's commitment to and confidence in the Company. The results of Company's annual general meeting have been disclosed, and disappointingly the voting results of two agenda items in PJAM's call for action were not in line with PJAM's expectations. At the meeting, 55.52% participants approved TECO's proposal to amend the Company's Article of Incorporation. PJAM's 10% capital reduction proposal received 37.19% approval rate, or 33.26% of the total voting shares.
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. 
