KT's Largest Shareholder Shifts from National Pension Service to Hyundai Motor... Ministry of Science and ICT States "No Harm to Public Interest"

Ministry of Science and ICT Approves KT Major Shareholder Change
Considering Hyundai Motor Group's Difficulty in Exercising Management Rights

The Ministry of Science and ICT announced on the 19th that, as a result of the public interest review conducted under Article 10 of the Telecommunications Business Act, it has resolved that changing KT's largest shareholder from the National Pension Service to Hyundai Motor Group does not harm the public interest.

In March, the National Pension Service, the previous largest shareholder, sold part of its shares, resulting in Hyundai Motor Group becoming KT's largest shareholder. Accordingly, on April 19, KT applied to the Ministry of Science and ICT for a public interest review regarding the change of the largest shareholder.

The Public Interest Review Committee comprehensively considered the following: ▲ there is no change in KT's business operations after the change of the largest shareholder ▲ Hyundai Motor Group became the largest shareholder involuntarily without acquiring additional shares and holds shares solely for investment purposes without intention to participate in management ▲ Hyundai Motor Group's current shareholding alone makes it difficult to exercise actual management rights. Based on these considerations, the committee concluded that this change in the largest shareholder does not negatively affect the public interest.

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