Jeil Steel, Management Dispute Settled... "Full-Scale Launch of New Business"

[Asia Economy Reporter Jang Hyowon] Jeil Steel announced on the 29th that it handled the agenda proposed by minority shareholders last month according to legal procedures at the regular shareholders' meeting, and that the management dispute has entered its final stage.

Recently, minority shareholders investing in domestic listed companies have actively exercised their shareholder rights, leading to frequent cases of management disputes. Jeil Steel faced a provisional injunction filed last month at the Ansan branch of Suwon District Court by six minority shareholders, including Song Changho, who demanded the submission of agenda items such as the appointment of directors, outside directors, and auditors at the regular shareholders' meeting.

At this shareholders' meeting, Jeil Steel approved the agenda items proposed by the company, including partial amendments to the articles of incorporation and the appointment of auditors, as originally planned. Regarding the appointment of outside directors, candidate Ivo Sauter voluntarily withdrew due to personal reasons, but it was decided to maintain a close cooperative relationship concerning the new cryptocurrency and NFT business. On the other hand, all agenda items proposed by minority shareholders were rejected.

A Jeil Steel official stated, "The provisional injunction filed by minority shareholders was dismissed at the shareholders' meeting according to legal procedures, bringing the company's management dispute to a close for now," and added, "We will strive to stabilize management through various methods, including expanding the major shareholder's stake, to prevent such management disputes from occurring in the future."

He continued, "Based on the decisions made at this shareholders' meeting, we plan to accelerate new business initiatives," and added, "Along with this, we will strengthen communication with minority shareholders and work to maximize shareholder value."

At this shareholders' meeting, Jeil Steel changed its corporate name to JSCO Holdings and added new businesses to secure new growth engines while strengthening the existing steel industry, including ▲ digital content business ▲ virtual reality platform and content development business ▲ blockchain-based software development business ▲ cryptocurrency-related business ▲ NFT production, certification, brokerage, and sales business.

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