Korea Shipbuilding & Offshore Engineering to Pursue High Dividends, Share Buybacks, and Cancellation as Part of 'Shareholder Return' Initiative

Vice Chairman Gasamhyeon Reappointed, President Jeong Giseon Appointed CEO at Board Meeting

Kang Sam-hyun, Vice Chairman of Korea Shipbuilding & Offshore Engineering, speaking at the 48th Annual General Meeting held on the 22nd at the Hyundai Building in Jongno-gu, Seoul. (Photo by Korea Shipbuilding & Offshore Engineering)

[Asia Economy Reporter Moon Chaeseok] Korea Shipbuilding & Offshore Engineering announced that it is considering a high dividend policy and pursuing shareholder return policies through share repurchases and cancellations.

On the 22nd, at the regular shareholders' meeting, Korea Shipbuilding & Offshore Engineering stated that it is reviewing a high dividend policy and share repurchases and cancellations as part of its shareholder return policy. A representative of Korea Shipbuilding & Offshore Engineering said, "The specific scale or timing of the share repurchases and cancellations is still undecided."

The company also said that the listing of subsidiaries will be pursued after specific amendments or regulations regarding the simultaneous listing of holding companies and subsidiaries, which have been recently discussed, are prepared, or if pursued before the enactment of such laws, it will review its own shareholder value protection measures.

Additionally, at the shareholders' meeting held that day, Vice Chairman Ga Samhyun, whose term had expired, was reappointed as an inside director, and President Jung Kiseon was newly appointed as an inside director. President Jung Kiseon was appointed as CEO at the board meeting held after the shareholders' meeting.

Furthermore, lawyer Cho Younghee, a partner at the law firm LAB Partners, was newly appointed as an outside director and a member of the audit committee, and Professor Emeritus Lim Seoksik of the University of Seoul was appointed as a member of the audit committee.

In his greeting at the shareholders' meeting, Vice Chairman Ga said, "In the upcoming new 50 years in the marine mobility market, we will completely transform into a technology-centered engineering company to create future value." Korea Shipbuilding & Offshore Engineering recorded sales of 15.4933 trillion won and an operating loss of 1.3848 trillion won last year.

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