Vice Chairman Ha Hyun-hoe: "Market Changes to Non-Face-to-Face Online... Creating Business Opportunities through DT"

LG Uplus Holds Regular Shareholders' Meeting... Ends in 20 Minutes
Vice Chairman Ha Hyun-hoe: "
All Proposals Including Payment Business Split and Outside Director Appointment Passed"

[Asia Economy Reporter Han Jinju] LG Uplus passed the agenda items for the spin-off of the payment business and the appointment of new outside directors at the regular shareholders' meeting. Vice Chairman Ha Hyun-hoe stated that they will proactively respond to the market trend shifting to non-face-to-face online and make thorough preparations for convergence services with LG HelloVision.

On the 20th, LG Uplus held the 24th regular shareholders' meeting at the main auditorium of its Yongsan headquarters and resolved agenda items including ▲partial amendment of the articles of incorporation ▲appointment of directors ▲approval of the spin-off plan. The shareholders' meeting ended within 20 minutes without any objections.

Ha Hyun-hoe, Vice Chairman of LG Uplus, told shareholders, "This year, the telecommunications industry is expected to become more competitive amid rapid environmental changes, and we will actively promote digital transformation to innovate customer experience."

Vice Chairman Ha emphasized, "The mobile and home businesses are continuously shifting from traditional offline-centered operations to non-face-to-face online markets, and we aim to promote digital transformation through proactive responses, which will create new business opportunities in the process."

He continued, "Together with LG HelloVision, we will make thorough preparations to enable easy and comfortable use of various convergence services, growing into a comprehensive media platform business. In the short term, we plan to achieve business goals, and in the long term, secure new business opportunities."

On the same day, LG Uplus approved the spin-off plan to sell the payment business, including the PG business, VAN business, and fund management business, to Viva Republica, the operator of Toss. On June 1, the payment business will be physically separated to establish a new company, 'Toss Payments,' which will be sold to Viva Republica. LG Uplus decided to sell the payment business to focus its capabilities on 5G services and media and content businesses.

LG Uplus appointed former Coway Vice President (CFO) Lee Jae-ho as a new outside director and audit committee member. Outside Director Lee Jae-ho previously served as CFO of NCSoft, CEO of NCWest, and CFO of Coway. His term is three years.

The agenda to amend the articles of incorporation regarding the method of board resolutions was also passed. The articles were amended to reflect Article 391, Paragraph 2 of the Commercial Act, which recognizes attendance by voice connection only without video. The clause allowing participation in board resolutions via "communication means transmitting and receiving video and audio simultaneously" was changed to allow participation via "remote communication means transmitting and receiving audio simultaneously."

This content was produced with the assistance of AI translation services.