Doosan Infracore Changes Name to 'Hyundai Doosan Infracore' After 16 Years

[Asia Economy Reporter Suyeon Woo] Doosan Infracore is changing its name to Hyundai Doosan Infracore for the first time in 16 years and will make a fresh start as a construction equipment business affiliate of Hyundai Heavy Industries Group.

Doosan Infracore announced on the morning of the 10th that it held an extraordinary general meeting of shareholders at its headquarters in Dong-gu, Incheon, and approved the agenda to change its name to Hyundai Doosan Infracore Co,. Ltd. This name change is the first since the name was finalized as Doosan Infracore in 2005, and it was chosen to maximize synergy by using both the globally recognized Hyundai and Doosan brands simultaneously.

At the extraordinary general meeting, Cho Young-chul, president of Hyundai Genuine, was appointed as a new inside director, and the agenda for a par value reduction through a free capital reduction was also approved. Subsequently, some articles of incorporation amendments, including the name change and website address change, were passed as originally proposed. President Cho, who was appointed as an inside director, previously served as head of finance at Hyundai Oilbank and CFO of Hyundai Heavy Industries, and currently serves concurrently as CFO of Korea Shipbuilding & Offshore Engineering and CEO of Hyundai Genuine.

Doosan Infracore passed the agenda for a par value reduction through a free capital reduction at the extraordinary general meeting to improve its financial structure and secure long-term dividend resources. Accordingly, the par value of common shares will be reduced from 5,000 won to 1,000 won. The trading suspension period for Doosan Infracore shares due to the free capital reduction is scheduled from October 8 to 25, and the new shares listing date is October 26.

Son Dong-yeon, president of Doosan Infracore, said, "Doosan Infracore was incorporated into Hyundai Heavy Industries Group as of August 19," adding, "We expect synergy with various affiliates within Hyundai Heavy Industries Group, and all employees will continue their efforts so that the company can grow and shareholder value can be enhanced through this."

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