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makapaaa

Alfrescian (Inf)
Asset
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR>Expect the useless AssGX to remain silent on it as usual?

Aug 8, 2008
SHOCK DEPARTURE
</TR><!-- headline one : start --><TR>Cosco slammed for lack of details; shares dumped 10 min
</TR><!-- headline one : end --><!-- Author --><TR><TD class="padlrt8 georgia11 darkgrey bold" colSpan=2>By Yang Huiwen
</TD></TR><!-- show image if available --></TBODY></TABLE>




<!-- START OF : div id="storytext"--><!-- more than 4 paragraphs -->MARKET players have hit out at Cosco Corp Singapore over the way it handled the departure of president Ji Hai Sheng while investors dumped the shares yesterday.
The lack of details surrounding Mr Ji's shock departure - it was disclosed in a bare bones statement on Wednesday night - had clearly rattled an already jittery bourse. Market insiders were angry at the inept communications while investors clearly thought something was amiss at the Chinese shipbuilder.
The reaction was furious. The shares were dumped and fell from $2.70 to as low as $2.33 before closing down 26 cents, or 9.6 per cent, to $2.44 - the lowest in more than 15 months. A whopping 73.36 million shares changed hands.
A remisier said that if the board moves were part of a planned succession, Cosco 'failed to ensure investors take in that message clearly'.
There had been no talk or rumours of Mr Ji's retirement, which came through a company announcement.
'A sudden change in a key management role does not bode well in this weak investor climate,' said DMG Securities analyst Serene Lim. 'We believe the share price is likely to be pressured, at least in the near term.
But the brokerage maintained its earnings forecast and target price of $3.82, based on Cosco's strong order book of US$7.4 billion.
In what smacked of damage control, Cosco put on a seemingly hastily-arranged dinner last night for analysts to meet the new board.
UOB Kay Hian Research analyst Nancy Wei said in her note that she expects the shares to rebound today following assurances made by Cosco at the dinner. She said 'the change of guard was overdue', adding that 'there are no corporate irregularities' at Cosco.
Mr Ji, 56, had told The Straits Times that his move is just part of a routine management reshuffle and he will still be employed by the parent Cosco Group. He added that he is 'handing over duties' to his successor, Mr Jiang Lijun, who has been chief executive of Cosco Shipping since 2002.
Mr Ji is the second key executive to depart in less than a month, following then- chairman Wei Jiafu's resignation in late July.
Mr Wei stepped down as chairman and non-executive director after being appointed president of the company's parent, Cosco Group. Cosco reported on Monday that net profits had risen 60 per cent for the second quarter to $128.7 million while turnover had more than doubled to $1.047 billion.
 
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