Samyoung ENC "Minority Shareholders' Petition, Injunction on Voting Rights Dismissed... Efforts for Transparency in Extraordinary General Meeting"

[Asia Economy Reporter Hyungsoo Park] Samyoung ENC, a developer of ship electronic equipment, announced on the 14th that the Busan District Court dismissed the injunction filed by minority shareholders to exercise voting rights.

The Busan District Court stated, "The disposal of treasury shares cannot be considered null and void as an act that is flagrantly unfair according to social norms or an act violating public order," and ruled, "The creditors' claims on this matter are without merit."

Earlier, minority shareholders filed a lawsuit arguing that Centum Invest and Cape Investment & Securities, which purchased Samyoung ENC's treasury shares, should not exercise voting rights.

Samyoung ENC withdrew the extraordinary general meeting of shareholders scheduled for the 26th. This was in accordance with the Busan District Court's injunction prohibiting the holding of the shareholders' meeting (2020Kahap10822).

The court stated, "Each agenda item of the extraordinary general meeting can be sufficiently resolved at the regular general meeting," and added, "There are no special circumstances that warrant holding the extraordinary general meeting separately from the approval of convening the meeting on the 15th."

Samyoung ENC filed an objection seeking cancellation of the injunction prohibiting the holding of the shareholders' meeting.

A company official explained, "The extraordinary general meeting planned for the 26th was decided before the minority shareholders applied for the extraordinary meeting," and added, "Although the detailed agenda items of the extraordinary meeting differ, it appears the court interpreted the situation differently." He continued, "We filed the objection to seek the court's understanding."

The official also stated, "With the court's dismissal of the injunction to exercise voting rights, the extraordinary general meeting on the 15th can be conducted fairly, so apart from the objection, we will proceed with the meeting transparently and fairly," adding, "We will work to alleviate shareholders' concerns."

He further added, "The company is focusing on business operations such as building a maritime digital communication network regardless of recent management issues," and concluded, "We will make this year a new starting point for growth and do our best to enhance shareholders' interests."

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