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 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" 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 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
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
