As if the dividend hike is not enough, this evening CMHP announced a round of changes to their management.
Announcement can be found here.
Luo Hui Lai will take over from Mr Jiang Yan Fei as CEO. The COO is stepping down and Mr Jiang will take over the position.
Basically, they are loading CMHP with members from the parents.
If its any indication of what they are trying to do, it is perhaps to push for a price above their NAV to fulfill their master plan:
As part of the Restructuring, in line with the China Merchants Group’s commitment to use the Company as the platform for the China Merchants Group to expand its toll road business and presence in the People’s Republic of China, Huajian has also undertaken to the Company that, in the event that:
- (i) Huajian intends to acquire an interest in, or has access to, any opportunity to acquire an interest of any kind in the business of holding concession(s) for, or for developing, building, owning or operating, toll roads (a “Business Opportunity”);
- (ii) Huajian intends to dispose of an interest of any kind in the business of holding concession(s) for, or for developing, building, owning or operating, toll roads (a “Business Disposal”),
then the Company shall have a right of first refusal to participate in such Business Opportunity or Business Disposal.
The snakes are finally waking up and showing their true colors.