Ctrip.com to Cancel Director Nomination Right for Rakuten 

Ctrip.com to Cancel Director Nomination Right for Rakuten

BEIJING, Oct 29, 2012 (Menafn - SinoCast Daily Business Beat via COMTEX) --According to foreign media reports dated October 26, Ctrip.com International Ltd. CTRP announced a plan to cancel the power to appoint a director in the company for Rakuten, Inc.

The company announced that it would delete the following clause from its articles of association that entered into force on July 3, 2012. According to the clause, Rakuten has the right to nominate one director as long as the shareholder owns at least 3.32 million common stocks in the tourism company with immediate effect.

Every director and top management of the company is instantly granted the power to adopt any necessary and appropriate measure to guarantee the execution of the resolution.

Source: www.163.com (October 29, 2012)

Copyright 2008 SinoCast Daily Business Beat. All rights reserved