In line with the SEC’s directive, the shareholders of ETI met and at their meeting, which was attended by institutional shareholders as well as minority shareholders, resolved to amend the Articles of Association of ETI.
Under the new Articles of Association ETI shall not undertake any acquisition, merger or disposal of the company’s assets whose value is equal to or above 20 per cent of the book value of the company without the approval of a simple majority of the shareholders present in general meeting.
The shareholders voted to limit the maximum size of the board to 15 members, and pressed that no director could serve more than nine years in total.
Source: Thisday