Withdrawal of Plan for Physical Division of Pungsan and Bangsan Business Divisions
[Asia Economy Yang Nak-gyu, Military Specialist Reporter] Defense company Pungsan announced on the 4th that it has withdrawn its decision to physically split its defense business division and establish a new company tentatively named Pungsan Defense.
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The Pungsan board of directors had decided on September 7 to split the defense business division to strengthen specialized business capabilities and efficiently allocate management resources.
Regarding the background of the withdrawal of the company split decision, the company explained, “After listening to the opinions of dissenting shareholders and various stakeholders regarding this split and conducting a careful review, it became uncertain whether the special resolution requirements at the shareholders' meeting would be met. Therefore, we humbly accepted the opinions of shareholders and stakeholders and decided to conduct another careful review and discussion on this split.”
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