A boardroom battle is brewing at Gloria Material Technology Corp (GMTC, 榮剛), the nation’s largest specialty alloys manufacturer, as the company’s major shareholder escalates a push for new seats on the board.
The ownership fight is likely to have a negative impact on Taiwan’s alloys industry, company spokesman Chang Shih-feng (張世豐) told a news conference yesterday, referring to a potential reduction in client orders.
GMTC might lose the trust of its global customers if company chairman Chen Hsing-shih (陳興時) steps down because of the boardroom dispute, Chang said, adding that the company’s major customers include US-based industrial giant General Electric Co (GE).
GMTC, which started to produce specialty materials used in the aerospace industry for GE in the 2000s, has also obtained certification from French-based aircraft engine maker Safran Aircraft Engines SAS, its Web site showed.
Chang made his remarks after local media reported that Taiwan Steel Group (台灣鋼鐵集團) is likely to win a proxy fight over board seats next year with the help of proxy solicitation firms.
The group has secured four board director seats on GMTC’s nine-member board with its 23 percent stake in an annual shareholders’ meeting in June, while the management team won the remaining five seats.
The group currently has more than 30 percent of GMTC’s shares, according to a report by Chinese-language Economic Daily News.
Taiwan Steel Group, the nation’s third-largest steel conglomerate behind China Steel Corp (中鋼) and E-United Group (義聯集團), owns four listed companies, including OFCO Industrial Corp (久陽精密) and TMP Steel Corp (沛波鋼鐵).
The group and the management team are to hold separate extraordinary shareholders’ meetings on Jan. 23 to elect a new board of directors and chairperson.
GMTC shares have swung dramatically since the beginning of this month, peaking at NT$21.55 on Dec. 12 and closing at NT$19.85 on the Taipei Exchange yesterday.
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