The resignation of three independent non-executive directors and a supervisor at China National Materials (Sinoma), the state-owned cement and cement equipment conglomerate, has mystified the market.
The disclosure in an announcement to the Hong Kong stock exchange yesterday was described as 'very odd' by one lawyer.
The firm said Yang Yuzhong, Zhang Lailiang and Zhang Qiusheng would resign as independent non-executive directors, pending shareholders' approval at an extraordinary general meeting, and Wang Baoguo resigned as supervisor on Tuesday.
Sinoma appeared to have scored an own goal, when it said all four resigned 'due to their intention to pursue their other personal goals'.
Strangely, the personal goals of the three directors seemed to converge on Sinoma's state-owned parent, Sinoma Group, while the supervisor's 'personal goal' appears to be remaining in Sinoma.
Sinoma board secretary Su Kui told the South China Morning Post that the three directors would be appointed 'external directors' of Sinoma Group, which is under the State-owned Assets Supervision and Administration Commission.
