Orion Receives First Dividend in China After 29 Years of Entry... "Utilizing Shareholder Returns"
Received Approximately 133.5 Billion KRW from Local Subsidiary PanOrion
Utilized for Domestic Infrastructure Investment and Shareholder Returns
Orion received dividends from its local subsidiary in China for the first time in 29 years since entering the Chinese market. Orion plans to use the inflow of funds from overseas subsidiaries, including this dividend, for domestic investment and shareholder return policies.
According to the Financial Supervisory Service's electronic disclosure system on the 20th, Orion's Chinese subsidiary, Pan Orion Corporation, paid approximately 133.5 billion KRW in dividends to Orion at the end of last month. This is the first time since the Chinese subsidiary was established in 1995. Until last year, all profits earned by the Chinese subsidiary were reinvested locally.
Orion operates six factories in Shanghai, Guangzhou, Shenyang, and other locations. Pan Orion, the holding company of seven Chinese subsidiaries, recorded sales of 181.9 billion KRW and net profit of 185.7 billion KRW in the first half of this year. The representative snack product "Oh! Gamja" (local name "Ya! Tudou") achieved sales of 217 billion KRW in China alone last year.
Since last year, Orion has also been receiving dividends from its Vietnamese subsidiary. This year, it received 41.5 billion KRW from the Vietnamese subsidiary in April, with additional dividends scheduled for November.
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Orion plans to use the dividends received from its Chinese and Vietnamese subsidiaries to expand domestic production facilities. Orion is promoting the construction of confectionery and packaging factories and a logistics center on an 188,430㎡ site in Jincheon, Chungbuk, with construction expected to begin as early as this year. An Orion official stated, "We also plan to use the dividends sent by overseas subsidiaries to expand domestic shareholder returns."
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