[Breaking] SK Inno Passes Amendment to Articles of Incorporation on Stock Dividends

[Asia Economy Reporter Hwang Yoon-joo] SK Innovation's amendment to the articles of incorporation allowing stock dividends when distributing dividends has been finally approved. Until now, only cash dividends were possible, but with the amendment, SK Innovation's subsidiary stocks can now be received as dividends.

On the 16th, SK Innovation announced at an extraordinary general meeting held at the Seorin Building in Jung-gu, Seoul, that the amendment to the articles of incorporation stating "dividends may be paid in cash, stock, or other property" was passed.

This is a shareholder return measure prepared to appease existing shareholders who would not receive new shares due to the physical division of the newly established SK Battery (tentative name) corporation. With the amendment, SK Innovation shareholders now have a channel to receive shares of the newly established battery corporation through dividends.

However, Kim Jun, SK Innovation's CEO, said, "The addition of in-kind dividends is a measure to diversify dividend resources," adding, "How this will be specifically realized will be comprehensively decided considering annual business performance, financial structure, and market expectations, so it is difficult to provide specific answers at this time."

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