Samsung Heavy Industries Approves Free Capital Reduction at Extraordinary General Meeting... Initiates Financial Structure Improvement

[Asia Economy Reporter Hwang Yoon-joo] Samsung Heavy Industries has finalized a 5-to-1 free capital reduction plan.

On the 22nd, Samsung Heavy Industries held an extraordinary general meeting of shareholders at the Pangyo R&D Center, where all agenda items, including the 'par value reduction free capital reduction' and 'amendment of the total number of shares to be issued by the company,' were approved.

At the shareholders' meeting, 280 million shares, equivalent to 48% of the 580 million voting shares, were present, and the agenda was passed with a high approval rate of 98% from attending shareholders, including the National Pension Service, domestic institutions, and foreign shareholders.

With the passage of the 'par value reduction free capital reduction' agenda, the par value of Samsung Heavy Industries' common and preferred shares will be reduced from 5,000 KRW to 1,000 KRW, and the capital will decrease by 80%, from 3.1505 trillion KRW to 630.1 billion KRW. Since the reduced capital will be converted into capital surplus, the total capital before and after the reduction will not change. The base date for the capital reduction is July 26, and the new shares are scheduled to be listed on August 10.

Meanwhile, the amendment to increase the total number of shares the company can issue from 800 million to 1.5 billion was also approved, and Samsung Heavy Industries will decide on detailed matters such as the schedule for the capital increase and the number of shares to be issued at the board of directors meeting in the future.

A Samsung Heavy Industries official emphasized, "With the agenda passing at the extraordinary general meeting with a high approval rate, the upcoming paid-in capital increase is expected to proceed smoothly," adding, "We will focus on improving the financial structure."

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