Namyang Dairy Products, Bylaw Amendment and Director Appointment Rejected at General Meeting ... Auditor Appointment Withdrawn

Signboard at the entrance of Namyang Dairy Products headquarters on Dosan-daero, Gangnam-gu, Seoul. Photo by Yonhap News

[Asia Economy Reporter Moon Hyewon] Namyang Dairy Products, which is undergoing litigation after a failed sale, rejected all agenda items at the extraordinary general meeting of shareholders that involved appointing personnel from the Hannam Company (HannamCo).

On the morning of the 14th, Namyang Dairy Products held an extraordinary general meeting of shareholders at the main conference room of its headquarters in Gangnam-gu, Seoul, and presented three agenda items.

Among these, the proposals to partially amend the articles of incorporation and to appoint new directors were rejected, and the agenda to appoint Lee Gil-ho, auditor of the Yonsei University audit office, as an audit director was withdrawn.

At the meeting, Namyang Dairy Products CEO Lee Kwang-beom served as the chairperson, and representatives from LKB & Partners, the legal representatives of Namyang Dairy Products Chairman Hong Won-sik, as well as two general minority shareholders, attended.

Originally scheduled for July 30, Namyang Dairy Products planned to finalize the share sale contract with HannamCo and appoint Chairman Yoon Yeo-eul of HannamCo as a new director at the shareholders' meeting. However, the plan was completely canceled when Chairman Hong Won-sik suddenly postponed the meeting to this day.

Namyang Dairy Products plans to hold an extraordinary board meeting to set the date and agenda for the regular shareholders' meeting in October. The shareholders' meeting is expected to be held after mid-October and will be announced two weeks after the board resolution to convene the meeting.

There is high interest in the shareholders' meeting aimed at business normalization in October, as announced by Namyang Dairy Products. It is expected that renewal plans such as management replacement and governance improvement will be presented.

Chairman Hong, who continues to come to work while maintaining his position, is expected to have set the management direction as "stabilize management first, then sell" rather than an immediate sale.

A Namyang Dairy Products official said, "The speculation about Park Yoon-bae being appointed as CEO of Seoul Invest is just a misunderstanding," adding, "We are currently looking for new personnel regarding management changes and plan to complete the board composition and announce it within October."

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