Kang Seong-du, left, president of Younger Poong, speaks throughout a press convention in Seoul on Sept. 27, 2024. Newsis
Younger Poong, which joined forces with personal fairness agency MBK Companions to safe management of the world’s largest zinc smelter, Korea Zinc, finalized the agenda for its common shareholders’ assembly scheduled for March 27, together with a inventory cut up, inventory and money dividends and the appointment of inner and out of doors administrators, the corporate stated Thursday.
Moreover, proposals submitted by basic shareholder Younger Poong Precision, corresponding to amendments to the articles of incorporation to introduce cumulative voting, can even be mentioned on the assembly.
The agenda was finalized on the board assembly on Wednesday.
Younger Poong Precision, an affiliate of Korea Zinc managed by Chairman Choi Yun-beom and his household, holds roughly 3.6 p.c of Younger Poong’s complete excellent shares.
It’s reportedly looking for to introduce cumulative voting as a method to allow minority shareholders to appoint board candidates, thereby rising oversight of Younger Poong’s administration.
Younger Poong, in the meantime, is pursuing a inventory cut up as a part of its efforts to boost shareholder worth.
If permitted on the upcoming assembly, the par worth of every share will probably be cut up at a ten:1 ratio from 5,000 received ($3.4) to 500 received.
As well as, the corporate has additionally determined to distribute each inventory and money dividends.
On Dec. 20 final yr, its board selected a inventory dividend of 0.0350 shares per share. And on the newest board assembly, an extra money dividend of fifty received per share was permitted.
This might deliver the whole dividend per share to 17,200 received — roughly a 72 p.c improve from the earlier yr.
“By way of this common shareholders’ assembly, we plan to actively pursue shareholder-friendly insurance policies geared toward enhancing shareholder worth and strengthening administration transparency,” a Younger Poong official stated.
