New CEO for Santo Mining
Ho Chi Minh, Vietnam -- May 14, 2018 -- InvestorsHub NewsWire -- Santo Mining Corp. (the "Company") (SANP) today announces that the new Board of Directors of SANP has unanimously voted for Mr. Dao Duc Thang to be the new CEO, replacing Mr. Yglesias. Mr. Dao comes from over 20 years experience as a Military Officer in the Viet Nam Army. The new Board Members welcome Mr. Dao as there new leader, CEO and Chairman of Santo Mining soon to be known as ASAMA International Corp.
Mr. Yglesias Ex-CEO/New-CMO stated: "Mr. Dao brings many years of military leadership to the company, his vision and new direction for SANP will bring great value to all shareholders. But most important his philosophy of "Go Slow to Lead" will embark SANP into a new director both economically, professionally and spiritually."
GlobeNewswire
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Asama Acquires a Controlling Interest in Santo Mining "SANP"
May 04, 2018 15:55 ET | Source: Santo Mining Corp
HO CHI MINH, Vietnam, May 04, 2018 (GLOBE NEWSWIRE) -- Via OTC PR Wire -- Santo Mining Corp. (the "Company") (OTCMarkets:SANP) today announces that Asama of Vietnam has acquired a controlling interest in Santo Mining. Through this acquisition, Asama will expand its market share as the leading South Asian crypto mining company that wishes to integrate its model internationally.
During the days and weeks to come, the company will be going through a corporate restructuring phase, which will include and not be limited to; financial aid, social media, board member and or directorship changes, corporate name change, OTC Markets current status and a strategic roadmap to up-list and become once again a fully reporting SEC publicly listed company.
Mr. Franjose Yglesias, Vice President of Santo Mining, stated; “Many new and exciting changes will be occurring in the immediate few weeks as we transition Santo to Asama, the value to our stakeholders will be enormous in the very near future as the dust settles and Asama unveils its plans for the future.” Additionally, Mr. Duc Thang Dao, Chairman of Asama, stated: “On behalf of the Asama family, we welcome all Santo shareholders to our family. This union is the foundation of our international plan which will include the development of a 100,000 TeraHashes datacenter in North America.”
What is 'Controlling Interest'
Controlling interest occurs when a shareholder, or a group acting in kind, holds a majority of a company's stock. By definition, this figure is 50% of the outstanding shares, plus one. However, controlling interest can be achieved with less than 50% ownership in a company if that person or group owns a significant proportion of its voting shares as in many cases, not every share carries a vote in shareholder meetings.
BREAKING DOWN 'Controlling Interest'Controlling interest gives a shareholder or group of shareholders significant influence over the actions of a company. However, this means that controlling interest can be achieved as long as the ownership stake in a company is proportionately significant in relation to total voting stock. With the majority of large public companies, for example, a shareholder with much less than 50% of the outstanding shares can still have a lot of influence at the company. Single shareholders with as little as 5-10% ownership, for example, can push for their own seats on the board or enact changes at shareholder meetings by publicly lobbying for them, giving them control.
An Example of Controlling Interest
The upside of controlling interest in a company can come in many forms. The computer company Dell Technologies, for example, after ousting its founder and CEO Michael Dell, was repurchased and privatized by Dell and the financial firm Silver Lake Management. This gave controlling interest back to Dell and his financial backers, allowing him to make company decisions without having to consult other shareholders, among other things.
Benefits of Controlling Interest
Beyond this example, controlling interest provides so much more. First, whether the company is public or private, it gives a person or group of people massive influence. Since controlling interest automatically has the majority vote, much like in the case of Dell Technologies, it allows those with controlling interest to veto or overturn decisions made by existing board members. This gives people who have controlling interest in a company the ability to take ownership over the operational and strategic decision-making processes.
What's more, sometimes controlling interest makes a person the chairman of a company's board of directors. This gives a person powers above and beyond the massive influence discussed above. Rather than simply being able to veto a board vote and remain active during shareholder meetings, he can effectively make board decisions on his own, which includes hiring C-level executives.
Finally, it grants a person leverage to increase shareholding stake in a little company in the event of a merger or acquisition. This means that, in the case of a strategic merger that involves a share swap, the person with control is able to structure the deal in such a way that he continues to have majority voting power over the new entity....
$ASAMA INTERNATIONAL CORP
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