All Chinese citizens have been removed from the board of directors of digital payment company PayTM and have been replaced by American and Indian citizens. However, this has not changed the existing shares of the company. Chinese citizens have been removed from the PayTM board as the company prepares to list on the stock exchange.
Alipay’s Representative Jing Jiandong, Ant Financial’s Gumming Cheng and Alibaba’s Representatives Michael Yuenhen Yao (US Citizen) and Ting Hong Kenny Ho are no longer directors of the company, the company said in a regulatory statement. According to the source, there are no Chinese nationals on the PATM board of directors.
Also Read: If you want to keep your investment safe and offer good returns, then covered bonds are a good option.
Douglas Fagin, a US citizen on behalf of Ant Group, has joined the PayTM board. Berkshire Hathaway Representative Todd Anthony Combs, Sama Capital’s Ashit Ranjit Leilani and SoftBank Representative Vikas Agnihotri also joined the board. PayTM’s shareholders include Alibaba’s Ant Group (29.71 per cent), SoftBank Vision Fund (19.63 per cent), Saif Partners (18.56 per cent) and Vijay Shekhar Sharma (14.67 per cent). In addition, AGH Holding, T Row Price, Discovery Capital and Berkshire Hathaway own less than 10 percent each. According to the source, PayTM may seek shareholder approval on July 12 to raise Rs 16,600 crore through its initial share sale.