More than half of shareholders of Yangon Urban Public Transportation Company (YUPT) Public Company have shown their desires to resell their shares, said Maung Maung Lwin, General Manager of YUPT Public Co., Ltd.
YUPT Public Company seeks advice from shareholders about the repurchasing of shares by the company.
“The 216 out of 289 shareholders want to resell their shares. There are ten shareholders who do not want to resell their shares, and the rest do not give any response yet. The company has made phone calls to the rest to make response. The deadline is not limited. There will be some shareholders who neither submit their plans nor resell their stakes,” Maung Maung Lwin added.
The company will report the desires of shareholders to Yangon Region Government and the Yangon Region Transport Authority (YRTA). The share repurchase will be done in accordance with the 2017 Companies Law.
Shareholders said they want to resell their shares as they do not get any profit during three years.
There were disputes between shareholders and the company over the selection of directors at the annual general meeting of the YUPT on October 30. On November 29, the YUPT Co Ltd carried out the selection of BOD members, at the request of shareholders. Five out of seven candidates were chosen by shareholders with secret ballot.
The YUPT Co., Ltd is providing bus services with 940 buses and has a capital investment of over Ks 40 billion—Ks 35 billion by Yangon Region Government and over Ks 5.6 billion by 289 shareholders.
