Two directors resign from the board of South Ocean
The resignations, submitted on Thursday, are effective immediately
The board of electrical cable manufacturer South Ocean says two of its directors Chieh-Fu (Jeff) Chen and Chi-Chang Liu resigned with immediate effect on Thursday.,
The news came in a brief Sens statement on Friday and no reasons were given for the resignations..
Chen is a director of various companies listed on the Taiwan Stock Exchange, including Hong-Tai Electric Industrial which is a major shareholder in South Ocean Holdings. He has vast experience in the electric cable industry and joined the board as a non-executive director in June 2019.
The JSE-listed manufacturer and distributor of low-voltage electrical cables said Chen’s “alternate director”, Liu, left at the same time.
The company, with a market capitalisation of R335m, did not outline any plans for replacements for the pair.
The company was not available for comment.
South Ocean manufactures its electrical cables through its subsidiary South Ocean Electric Wire Company and also has property interests.
During the pandemic, South Ocean was able to leverage off Covid-19-related cable shortages and increased sales due to strong demand.
Sales rose 12% to R1.74bn in the group’s year to end-December 2020, resulting in the company swinging to a profit of R27m, from a loss of R17.5m.
In its half-year results to June 2021, it reported profit increased by 298.8% to R87.4m.
South Ocean’s share price was unchanged at R1.65 on Friday after it. fell 15% on Wednesday before rising 17% on Thursday.