Korea Technology Concludes Shareholders' Meeting... "Carefully Reviewing" Daewoo Shipbuilding & Marine Engineering Construction Direct Listing

[Asia Economy Reporter Jang Hyowon] Korea Technology announced on the 30th that it held the 24th regular general meeting of shareholders at the company headquarters and resolved agenda items such as approval of financial statements and amendments to the articles of incorporation.

The company announced through its 2020 business report that it achieved consolidated sales of approximately KRW 323.14839 billion, an increase of about 49.4% compared to the previous year, and an operating profit of KRW 5.17217 billion.

In addition, the agenda items presented on the day, including ▲approval of the 24th financial statements ▲approval of the director remuneration limit ▲approval of the auditor remuneration limit, were all approved with the unanimous consent of the shareholders, successfully concluding Korea Technology's general meeting of shareholders.

After the general meeting, time was allocated to listen to shareholders' opinions requesting the direct listing of Daewoo Shipbuilding & Marine Engineering Construction (Chairman Kim Yongbin) in response to inquiries from some shareholders. Currently, Korea Technology is the de facto 100% controlling shareholder, holding 99.2% of the shares of Daewoo Shipbuilding & Marine Engineering Construction.

Shin Yonggu, CEO of Korea Technology, explained, "It is true that many shareholders are requesting the direct listing or simplified merger of Daewoo Shipbuilding & Marine Engineering Construction, which is growing at ultra-fast speed even during the COVID-19 situation," adding, "We are carefully reviewing this matter."

He also stated, "With the recent settlement of loans related to savings banks, the basic financial aspects have become more solid," and added, "We will do our best to enhance shareholder value through increased sales and operating profit."

Meanwhile, Korea Technology's subsidiary, Daewoo Shipbuilding & Marine Engineering Construction, recorded about a 43% increase in sales and a 612% increase in operating profit compared to the previous year.

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