On how a carrier can buy back stocks
At its 2022 annual general meeting, Evergreen International, a corporate shareholder (4.96%) in Evergreen Marine, launched a request via its representative, lawyer Chu-chun Wu. He said that "Evergreen Marine should buy back stocks in the form of "treasury stocks" instead of reducing 60% of capital and refunding TWD 6 per share (0.2 USD) to shareholders."
Wu added that, once the capital is reduced by 60%, even the most conservative estimation would show that more than 130,000 shareholders will likely possess less than one lot (1,000 shares), a detrimental situation for them to trade in the stock market or exercise their rights.
Speaking for EIC, Attorney Wu also "requested Evergreen Marine Corporation’s professional management team to give a clear explanation on future financial plans to concretely realise a public listed company’s business objectives of generating profit and taking care of employees and shareholders." (sh)