Hyundai Heavy Holdings, 3rd Regular General Meeting of Shareholders Held

[Asia Economy Reporter Hwang Yoon-joo] Hyundai Heavy Industries Holdings held its 3rd regular general shareholders' meeting on the 25th at Hotel Azalea in Dalseong-gun, Daegu.

At the shareholders' meeting, Hyundai Heavy Industries Holdings approved a total of five agenda items: ▲2019 financial statements ▲spin-off plan ▲appointment of inside and outside directors ▲appointment of audit committee members ▲approval of director remuneration limits.

The 2019 financial statements were approved with consolidated sales of KRW 26.6303 trillion, operating profit of KRW 666.5 billion, and net profit of KRW 115.3 billion. The cash dividend was confirmed at KRW 18,500 per share, the same as last year.

Hyundai Heavy Industries Holdings also approved the spin-off plan to physically separate the robotics division and establish a new subsidiary, 'Hyundai Robotics.' The spin-off date is May 1.

Through this spin-off, Hyundai Heavy Industries Holdings will focus on promoting new businesses and investments within the group, while the newly established Hyundai Robotics plans to become a global top-tier robotics company by enhancing investment and management efficiency suited to the robotics business.

Additionally, they newly appointed Korea Shipbuilding & Offshore Engineering CEO Ga Sam-hyun as an inside director and reappointed Professor Shin Jae-yong (College of Business Administration) of Seoul National University as an outside director and audit committee member.

A Hyundai Heavy Industries Holdings official stated, "Hyundai Heavy Industries Holdings will spare no effort in investing in new businesses that will lead the group's future and supporting group companies. We will continuously seek the best ways to grow the company and share the results with our shareholders."

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