PJ Asset Management Urges Support from Shareholders of TECO Electric and Machinery
April 21, 2020 at 12:00 am EDT
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On April 21, 2020, PJ Asset Management Company issued a letter cautioning all shareholders of TECO Electric and Machinery Co., Ltd. on the Company's proposed amendment to its Articles of Incorporation and urging their full support of PJAM's proposal of a 10% capital reduction that would return cash to shareholders. PJ Asset Management stated that the proposed resolution, listed as ‘proposal 4 in discussion Items’ at the Company’s annual meeting, aims to improve the capital structure and improve shareholders' returns.
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. 
