[Public Notice+] Korea Corporation, Injunction Request to Prohibit New Share Issuance Dismissed... Green Light for Public Sale

[Asia Economy Reporter Jang Hyowon] Korea Corporation has received a green light for public sale following a victory in the injunction lawsuit prohibiting new share issuance.

Korea Corporation, an ICT-based contact center specialist company, announced on the 7th that it won the injunction lawsuit filed by creditor Kim Jaok and 35 others seeking to prohibit the issuance of new shares.

According to the decision from the 50th Civil Division of the Seoul Central District Court, the court dismissed all injunction requests filed by the creditors to prohibit Korea Corporation from issuing new shares and ordered the creditors to bear the litigation costs.

The court stated, “Considering the entire record and the purpose of the hearing, it cannot be concluded that the new share issuance was planned solely for defending management rights without business necessity,” and “The new share subscribers in this case appear to have been selected after their own review through a public sale process led by Deloitte Anjin Accounting Firm as the lead manager.”

In particular, the court explained the reason for the ruling, saying, “The creditors only vaguely claimed suspicion without submitting supporting evidence,” and “It is difficult to conclude that the creditors’ claims alone unjustly infringe on the new share subscription rights.”

Following the court’s decision, Korea Corporation can proceed with the ongoing public sale.

Chosungwan, CEO of Korea Corporation, said, “The injunction request to prohibit new share issuance filed by some minority shareholders was dismissed by the court, enabling normal external capital attraction,” and added, “I thank all employees who endured hardship because of this case. I am glad to deliver good news.”

CEO Cho also requested, “We will conduct the remaining public sale procedures transparently and fairly. Please continue to support and watch over us so that we can become an even better company.”

Meanwhile, Korea Corporation has been conducting the public sale since the 17th of last month, selecting Deloitte Anjin Accounting Firm as the lead manager. On the 27th of last month, it selected KOSDAQ-listed IntroMedic and others as preferred negotiation partners and is currently proceeding with due diligence and the public sale process through a paid-in capital increase.

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