[BizLeader] Shin Yong-gu, CEO of Korea Tech: "Not Just a Simple Construction Holding Company... A Company Equipped with 'Smart City' Technology"

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[Asia Economy Reporter Jang Hyowon] “Korea Technology is a company with technology-intensive businesses related to smart cities.”

On the 3rd, Shin Yonggu, CEO of Korea Technology, who met with Asia Economy, emphasized that his company is a high-tech company possessing core smart city technologies such as radar-based unmanned parking and electric vehicle chargers, rather than just being the parent company of a mid-sized construction firm.

Korea Technology - ACTOP Electric Vehicle Charging Facility. / Photo by Korea Technology

Until now, Korea Technology has been known as a company primarily engaged in the distribution of IT products such as automotive electronics and smartphones. It is also famous for holding more than 99% of the shares of Daewoo Shipbuilding & Marine Engineering Construction, a mid-sized construction company.

However, Korea Technology is diversifying its business and building an image as a smart technology company. This year, the company has focused on technology industries such as unmanned parking systems and electric vehicle charging businesses, further strengthening its business in the smart technology sector.

In particular, on the 2nd, it attracted attention by partnering with Actop, which dominates over 90% of the domestic high-end electric vehicle slow chargers, to enter the electric vehicle-related field. The company plans to increase the market share of all types of electric vehicle chargers installed domestically, not only high-end products.

CEO Shin urged that the company be viewed not simply as the parent company of Daewoo Shipbuilding & Marine Engineering Construction but as a valuation company with more technologies and potential.

He explained, “Since we have a mid-sized construction company with annual orders worth trillions of won and annual sales of hundreds of billions of won as a subsidiary, and all financial statements are presented on a consolidated basis, it is somewhat regrettable that Korea Technology’s contracts are difficult to disclose as one-off announcements, resulting in a disadvantage in investors’ evaluations.”

He added, “We are actively distributing press releases to communicate with current shareholders,” and said, “We will strengthen IR and publicity to properly promote the company and strive to be properly evaluated.”

He stated that Korea Technology is currently in a position to disclose single contracts exceeding 32.3 billion won, which is 10% of the consolidated sales of 323.1 billion won achieved last year, if the contract date, contracting party, and contract items are the same. He explained that other various mandatory and voluntary disclosures are also based on assets and sales in the consolidated financial statements, making it difficult to disclose new business activities.”

Shin Yong-gu, CEO of Korea Technology. / Photo by Korea Technology

He predicted that, according to the government’s eco-friendly vehicle law, from 2022, all new buildings will be required to have electric vehicle charging facilities of at least 5%, and from 2023, electric vehicle chargers will be mandatorily installed in large facilities such as existing large marts and apartments, significantly increasing the demand for charging facilities.

He also foresaw that the domestic electric vehicle-related market size will explode within a few years, forming a market worth tens of trillions of won alongside smart city projects.

CEO Shin said, “The construction industry is also struggling to prepare countermeasures in response to the government’s eco-friendly vehicle law amendments,” and added, “Since Korea Technology has secured core technologies in the electric vehicle charger field, synergy with Daewoo Shipbuilding & Marine Engineering Construction can be expected.”

In particular, he expressed his ambition, saying, “We will spare no effort to supply Korea Technology’s vehicle chargers not only to our own construction volume but to all buildings,” and “We will make ‘green energy’ our future growth engine by integrating industries related to electricity, including not only the electric vehicle charging market but also offshore wind power generation industries that produce electricity in an eco-friendly way.”

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