Sehwa IMC Appoints Son Odong as CEO... "Full Effort on Resuming Transactions and Stabilizing Management"
[Asia Economy Reporter Hyunseok Yoo] Sehwa IMC, a company specializing in tire mold and manufacturing machinery production, announced on the 5th that Son Odong was appointed as CEO at the 2nd Extraordinary General Meeting of Shareholders in 2020.
New CEO Son Odong is the founder of Woosung Corporation, which recently acquired a 6.12% stake in Sehwa IMC, securing the position of largest shareholder. At this shareholders' meeting, along with the appointment of Son Odong as CEO, an amendment to the company’s articles of incorporation, which had previously imposed some restrictions on capital increases, was also approved. The company stated that with the expanded options for external financing through the amendment, it plans to stabilize management by further increasing Woosung Corporation’s shareholding as previously pursued.
Meanwhile, on the same day at Sehwa IMC, prior to the 2nd Extraordinary General Meeting of Shareholders convened by the company itself, the 1st Extraordinary General Meeting of Shareholders, convened at the proposal of some minority shareholders, was also held. However, all agenda items, including the appointment of new directors, were rejected. The company explained that although the minority shareholders who initially requested the convening on the 3rd voluntarily withdrew the request at the court, due to insufficient prior notice period, the meeting was held as scheduled out of consideration for the shareholders who attended.
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New CEO Son Odong said, “I feel a heavy responsibility for the trust shown by many shareholders despite their worries and concerns, and I will focus on stabilizing the company’s management with the goal of resuming trading on the KOSPI market.” He added, “As the necessary institutional foundations are gradually being established, we now plan to make every effort across the board to solidify our practical business competitiveness and revive the corporate value of Sehwa IMC, which once proudly held the world’s top position in the tire mold sector.”
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