Korea SE to Change Company Name to 'HydroLithium' at Extraordinary General Meeting... "Full-Scale Lithium Business Launch"

[Asia Economy Reporter Jang Hyowon] Korea SE announced on the 14th that all agenda items proposed at the extraordinary general meeting of shareholders were approved as originally planned.

The company addressed agenda items including ▲company name change ▲addition of business objectives ▲appointment of directors. The company name will be changed to Hydro Lithium Inc, reflecting its commitment to new business ventures. Along with this, business objectives such as salt lake development and extracted mineral sales, as well as manufacturing and sales of precision chemical materials, were added.

Earlier, Korea SE announced on the 29th of last month that management rights would be acquired by Lithium Plus. Lithium Plus will acquire 2,813,637 existing shares of Korea SE and participate in a third-party allotment capital increase worth 7 billion KRW.

Lithium Plus advanced the payment schedule for the third-party allotment capital increase from the original date of October 25 to the 19th. This early payment of the third-party allotment capital increase is intended to dispel concerns about fundraising and demonstrate its commitment to expanding the lithium business.

A Korea SE official stated, "We will devote ourselves to the new management and new business to become a specialized lithium company," adding, "We will strive to enhance corporate value along with our leap to becoming a global lithium specialist company."

Meanwhile, Lithium Plus held a completion ceremony on the 13th for a 99.99% high-purity lithium hydroxide production plant in Chubu-myeon, Geumsan-gun, Chungnam Province. If the strong lithium price trend continues, it is expected to achieve annual sales of approximately 400 billion KRW and an operating profit margin of around 30%.

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