Suncorp-Metway Ltd’s
(ASX:SUN) shareholders have approved company plans to simplify its complex and unwieldy corporate structure.
Last month, the Queensland-based financial services group announced it was going to restructure its business under a new ASX-listed non-operating holding company.
Suncorp asked its shareholders to approve a buy-back of Suncorp-Metway shares, which would transfer capital within the group.
For the year ended 30 June 2010, Suncorp reported a net profit of $789 million.
