CPMC Holdings Co., Ltd. held the shareholder anniversary meeting in Hong Kong on June 10, 2011. The meeting approved last year's financial report, board report and dividend plan, and voted on the board rotation proposal, new share issue authorization and director remuneration adjustment.
According to the meeting, the option incentive plan was underway. The framework had been built and approved by SASAC and COFCO Corporation in principle. The measures would be approved and carried out this year.
CPMC was in good operation. The two-piece aluminium beverage can project was smooth. The Hangzhou branch had the capacity of 700 million two-piece cans. It was certified by major customers in the first half of 2010 and then was immediately put to mass production, making profits in the same year. The Wuhan branch had the capacity of 800 million piece cans. The trial production was made at the end of 2010. It was certified by major customers. The mass production was made at the end of the first quarter of this year. Besides, production lines in North China, South China and Southwest China were under construction.
JDB, bottler of Wanglaoji, CPMC's strategic customer, had smoothly transitted to two-piece cans from three-piece cans. Solutions were found to bottlenecks limiting CPMC's capacity. CPMC also developed new customers. It expected to increase its market share.
CPMC will expand its plastic packaing business through self-construction or M&A and develop it into one of its core business.