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Yingde Gases has once again appointed co-founder Zhongguo Sun as chairman and chief executive following the resolution of a rare public boardroom battle last week.
Trevor Raymond Strutt, co-founder of the Chinese industrial gases company, was also reappointed chief operation officer. Both men have now regained their former positions and were redesignated as executive directors, Yingde Gases said in a filing to the Hong Kong Stock Exchange.
Yingde’s former chairman Zhao Xiangti was removed from his post last week after a shareholder vote. Mr Zhao’s removal came after he ousted Mr Sun and Mr Strutt from the company in a boardroom coup in November and installed himself as chairman.
Mr Sun and Mr Strutt on Wednesday survived a proposal from Mr Zhao to remove them from the board. Investors hope the pair will move quickly to sell the company, which has so far received a non-bonding offer from Air Products at between HK$5.50 and HK$6 a share and a firm bid from PAG Capital, the Asian private equity group, at HK$6 a share.
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