SWS held the 8th Session of the 5th board of directors on Mar. 28. The meeting was hosted by the Board Chairman of SWS, Mr. Huang Yongxi. The directors Mr. Zhou Jianneng, Mr. Wang Qi, Mr. Chang Ronghua, Mr. Shen Liang and Ms. Laura Jiang presented at the meeting. The top management of SWS, Mr. Tao Ying, Mr. Xu Baixin, Mr. Chen Jun, Mr. Chang Xudong and the Board Secretary Mr. Wang Senbiao also attended the meeting as the nonvoting delegates.
The delegates listened to "The Working Report of the 8th Session of the 5th Board of Directors" by Chairman Mr. Huang Yongxi, "The Reports on SWS Production Accomplishment Status of 2012 and the Key Working Assignments of 2013" by President Mr. Wang Qi, " The Annual Financial Statements of 2012 and the Financial Budgeting of 2013", "The Proposal for Selling the 51% Stock Ownership of SCS Holding by SWS" and "The Proposal for SWS, as the Transferee, to Receive the 36% Stock Ownership of Jiangnan Changxin Heavy Industry Co. Ltd from Jiangnan Shipyard (Group) Co. Ltd" by CFO of SWS, Mr. Chang Xudong and etc.
In the meeting, it was emphasized that the this year is crucial for the accomplishment of the 12th five-year plan as well as the kick-off year for the shipyard restructuring and adjustments. Confronting with the global economy which is short of strength in recovering, and the continuously declining domestic economy, under the critical situation of global shipping and shipbuilding market, SWS should be determined, energetic and daring to carry out the reform adhering to the guideline of our company which is "Open the Mind, Deepen the Reform, Strengthen the Confidence, and Overcome the Difficulties ", and taking "Explore the Market and Adjust the Structure for Realizing the Lean Management, Cost Reduce and Efficiency Improvement" as our operating principle in this year.
The meeting endorsed "The Proposal for Selling the 51% Stock Ownership of SCS Holding by SWS", and "The Proposal for SWS, as the Transferee, to Receive the 36% Stock Ownership of Jiangnan Changxin Heavy Industry Co. Ltd from Jiangnan Shipyard (Group) Co. Ltd". It was considered that this action would contribute to improve the efficiency of the resource allocation, and speed up the pace for SWS entering into the construction field of large container ship and large LNG for realizing the transform of SWS from "a large shipyard" to "an excellent shipyard".
The meeting approved "The Resolution of Selling the 51% Stock Ownership of SCS Holding by SWS", "The Resolution of SWS, as theTransferee, to Receive the 36% Stock Ownership of Jiangnan Changxin Heavy Industry Co. Ltd from Jiangnan Shipyard (Group) Co. Ltd", "The Resolution of Investing in Shares of CSSC(HK) Shipping Chartering Co. Ltd", "The Resolution of Internal Controlling Construction", "The Resolution of Profits Distribution", "The Resolution of Avoiding Exchange Rate Risk", "The Resolution of Guarantees Offering", "The Resolution of Setting up Strategy Management Committee, Nomination Committee, Audit Committee and Executive Oversight Committee" and "The Resolution of the 8th Session of the 5th Board of Directors".
At the same period, SWS held the 5th Session of the 5th Supervisory Committee. Chairman of Supervisory Committee, Mr. Xu Ping hosted the meeting and delivered the Working Report of the 5th Session of the 5th Supervisory Committee. The supervisors Mr. Liu Hengchun, Ms. Xi Ming and Mr. Xu Hanxiang attended the meeting. "The Resolution of the 5th Session of the 5th Supervisory Committee" was adopted in this meeting.
