FINWIRES · TerminalLIVE
FINWIRES

Italy Restricts Sinochem from Holding Board Positions in Bid to Solve Governance Crisis

-- The Italian Prime Minister's Office has imposed restrictions on Sinochem International (SHA:600500) in a bid to resolve the governance standoff at Pirelli, the tire manufacturer said Saturday.

The restrictions form part of the Golden Power decree of Prime Minister Giorgia Meloni's office.

They include a limit on the number of directors Sinochem could appoint to the board of the tire maker, as well as an appointment ban for Sinochem directors as chairman, vice chairman, or chief executive officer, Pirelli said.

Meloni's office also restricted Sinochem directors from chairing board committees.

The restrictions will remain in force as long as Sinochem retains its stake in Pirelli above 9.99%, the tire maker said.

Sinochem holds a stake in Pirelli through Italian branch Marco Polo International.

Pirelli and Camfin have called for restrictions on Sinochem as its Chinese origins prevent the tire maker's U.S. expansion, according to multiple media reports.

Related Articles

Asia

Shakti Pumps (India) Invests INR100 Million in EV Mobility Unit

Shakti Pumps (India) (NSE:SHAKTIPUMP, BOM:531431) said it has invested 100 million Indian rupees in its wholly owned subsidiary Shakti EV Mobility by subscribing to 10 million equity shares, according to a Tuesday filing to the Indian stock exchanges.Shares of the company rose 1% in Wednesday's trade.With this, Shakti Pumps' total investment in the EV mobility unit has increased to 650 million Indian rupees, the filing said.The investment is aimed at supporting business expansion of the subsidiary, it added.

$BOM:531431$NSE:SHAKTIPUMP
Asia

Challenger's Fiscal 2026 Q3 Update Missed Consensus Across Key Life Metrics, Jarden Says

Challenger's (ASX:CGF) fiscal 2026 third-quarter update missed consensus across key Life metrics, with FM outflows significantly worse than expected, driven by institutional equity mandate attrition in both Australian and global equities, according to a Tuesday note by Jarden.The firm's redemption of all CGFPC notes on May 25 simplifies the capital structure, reduces the AT1 coupon burden, and is earnings-per-share accretive.Jarden sees balanced risk/reward for Challenger in the future, with catalysts including capital management flexibility from the Australian Prudential Regulation Authority reform, as well as expanding retirement partnerships across superfunds.It lowered its fiscal 2026 sales forecast to reflect weaker institutional fixed-term sales, partially offset by higher retail annuity sales as partnerships come online.The investment firm retained its neutral rating on Challenger and raised the price target to AU$8.70 per share from AU$8.60 per share.

$ASX:CGF
Asia

Proya Cosmetics 2025 Profit Down 4%, Revenue Slips 2%

Proya Cosmetics (SHA:603605) posted 2025 attributable net profit of 1.50 billion yuan, down 3.5% from 1.55 billion yuan the previous year.Earnings per share slid to 3.80 yuan from 3.92 yuan, according to a Wednesday filing with the Shanghai bourse.Operating revenue declined 1.7% year over year to 10.6 billion yuan from 10.8 billion yuan.Shares of the cosmetics maker were up over 1% in recent trade.

$SHA:603605