Foton Announces Large and Medium Bus Technical Reform Program in Nanhai
02 November 2009
www.chinabuses.org: The Proposal on Nanhai Large and Medium Buses Technical Reform Program has been distributed to all board members on October 19, 2009. The conference is in accordance with Company Law and our company regulation.
Part 1 Special Committee’s View
Investment committee of board of directors has examined and verified The Proposal on Nanhai Large and Medium Buses Technical Reform Program seriously, and we conclude: To make technical reform for large and medium buses in Nanhai can facilitate Foton to make products strategy layout, enlarge production capacity, increase according market share and market competitiveness. The program, which is in Foton interest with good economic and social benefit, is feasible.
Part 2 Resolution of Broad of directors
There fifteen broad members and we have received fifteen valid votes by October 28, 2009. The Proposal on Nanhai Large and Medium Buses Technical Reform Program is passed with fifteen consent votes, zero objection votes and zero abstained votes.
a. Background of the Program
It predicts that sales volumes will be over 12,500,000 units, up 34% year-on-year, under global financial crisis in 2009. At the same time, large and medium bus market has also developed rapidly with further increasing target market. Driven by government’s energy saving and emission reduction policy, requirement for new energy large and medium buses will keep uprising home and abroad. Faced up such a good opportunity, we should develop new energy bus business urgently based on consolidation of traditional large bus market. In the meanwhile, we should make products strategy layout rationally, enlarge production capacity to ensure market share increasing and meet requirements of large and medium buses from domestic and overseas markets.
b. Resolution contents:
1. Board of directors agrees investment of 5,548,000,000 RMB (about 812,441,337 USD) for Nanhai Large and Medium Buses Technical Reform Program;
2. In accordance with related laws and regulations, management department is authorized to conduct the program.
Hereby Announced
Beiqi Foton Motor Co., Ltd. Board of directors
October 28, 2009
Source : www.chinabuses.org
Editor : Eric
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