Sewon ENC, 100% Stock Dividend to Enhance Shareholder Value... "Actively Promoting Profitability-Focused New Businesses"

[Asia Economy Reporter Hyunseok Yoo] Seowon ENC announced on the 2nd that it has decided on a 100% stock dividend, allocating one new share for every one common share. After the capital increase, the number of issued shares will increase from the existing 71,461,119 shares to 142,921,000 shares. The new share allocation date is July 16, and the new shares are scheduled to be listed on August 5.

A company official stated, “This stock dividend was carried out to enhance shareholder value through strengthening the shareholder return policy and to activate trading volume by increasing the number of circulating shares,” adding, “We will use this stock dividend as an opportunity to become a shareholder-friendly company that actively communicates with shareholders and investors.”

Seowon ENC recently succeeded in improving its financial structure and expanding capital through asset sales and fundraising, and is now working on increasing profitability through restructuring its existing business divisions. The company is pursuing the sale of its long-term deficit business division, the pneumatic and hydraulic equipment division, and is also conducting a public sale of its subsidiary Cellontec, which operates in the bio business.

Having begun a profitability-centered business restructuring in earnest, Seowon ENC plans to focus its capabilities on the qualitative growth of its existing chemical plant equipment business and actively invest in new businesses using the secured funds.

A company official said, “With the global economic recovery and favorable petrochemical market conditions, the chemical plant equipment business is showing vitality, and we expect to succeed in winning multiple projects in the second half of this year,” adding, “We will soon publicly disclose specific details about the new businesses currently being pursued.”

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