Kumho Petrochemical 'Nephew's Rebellion' Executive Director Park Cheol-wan Applies to Inspect Shareholder Register

Showdown with Chairman Park Chan-gu at Next Month's General Meeting of Shareholders Begins in Earnest

[Asia Economy Reporter Hwang Yoon-joo] Kumho Petrochemical announced on the 16th that Executive Director Park Cheol-wan has filed a provisional injunction with the Seoul Central District Court to inspect and copy the shareholder register.

Executive Director Park Cheol-wan is the nephew of Kumho Petrochemical Chairman Park Chan-gu. He holds a 10% stake in Kumho Petrochemical.

Director Park is expected to inspect the shareholder register and request support for agenda items such as the replacement of directors and expansion of dividends that he proposed. The business community interpreted this as Director Park expressing his intention to engage in a full-scale vote battle with Chairman Park at the shareholders' meeting scheduled for next month.

Director Park himself has been nominated as an inside director, and it is known that he recommended four candidates for outside directors. He proposed increasing the common stock dividend from 1,500 won per share to 11,000 won, and the preferred stock dividend from 1,550 won to 11,100 won.

Director Park, the son of the late Park Jeong-gu, former Kumho Group Chairman, is the largest shareholder holding a 10% stake in Kumho Petrochemical. Last month, he declared that he would pursue an independent path, severing special relations with Chairman Park. The shareholding ratios of Chairman Park Chan-gu and Park Jun-kyung, Executive Director of Kumho Petrochemical and Chairman Park’s son, are 6.7% and 7.2%, respectively. The combined shareholding ratio of Chairman Park and Executive Director Park, who are special related parties, is about 14%.

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