Tiemco shifts from opposing to partnering with largest shareholder
Tiemco said it has agreed a cooperative framework with Kenka Synergy, which emerged from the May tender offer with 45.00% of voting rights. The pact covers profit growth, overseas expansion, digital transformation, ecommerce and the introduction or proposal of management and operational personnel, while Kenka Synergy also agreed to respect existing employment, business relationships and brand assets. That is a notable shift from the company's earlier opposition to the bid. Tiemco still has work to do on listing-maintenance measures and board reshaping, and it has set July 6 as the record date for an extraordinary shareholder meeting planned for late August.