Alteogen Expands Tax-Free Dividend Resources by KRW 80 Billion ... Continues Shareholder Return Policy

Establishing a Board with Majority Outside Directors and Creating an Audit Committee
Advancing Governance Structure... Agenda to Be Presented at the Shareholders’ Meeting on March 30

Bioplatform company Alteogen is expanding its tax-free dividend resources and strengthening its governance structure. Through these initiatives, the company aims to enhance shareholder returns while establishing an advanced decision-making system to increase the rationality and transparency of its management.

On March 16, Alteogen announced through a disclosure that it will convene its annual general meeting of shareholders on March 31. The agenda includes the transfer of KRW 80 billion from the capital reserve to retained earnings, the appointment of two new outside directors, and the establishment of an audit committee. Additionally, the company plans to seek approval at this shareholders’ meeting for a tax-free dividend of KRW 20 billion, which was resolved by the board of directors in February.

Aerial view of Alteogen headquarters and research center in Yuseong-gu, Daejeon. Alteogen

The company plans to continue securing resources for ongoing shareholder returns. In 2022, Alteogen had already transferred capital reserves to retained earnings, securing KRW 50 billion as tax-free dividend resources. The recently resolved tax-free dividend of KRW 20 billion will also be distributed using these resources. If the agenda to transfer KRW 80 billion from the capital reserve to retained earnings is approved at this annual general meeting, the company will secure a total of KRW 110 billion in tax-free dividend resources, excluding the KRW 20 billion used for the current dividend.

To further enhance its decision-making structure, Alteogen plans to increase the number of outside directors and establish an audit committee, so that outside directors will form a majority of the board of directors (four outside directors and three inside directors). Through these measures, the company aims to ensure a seamless transition to a KOSPI listing.

CEO Jeon Taeyeon stated, "Securing an additional KRW 80 billion in tax-free dividend resources through this shareholders’ meeting is part of our efforts to implement a continuous and effective shareholder return policy. By expanding the number of outside directors and establishing an audit committee, we are further advancing our governance structure and continuing preparations for our transition to the KOSPI market." He added, "Strengthening our ESG capabilities, including these policies, will have a positive impact on expanding our base of long-term investors who value related indicators."

Meanwhile, Alteogen is scheduled to hold its 18th annual general meeting of shareholders at 9:00 a.m. on March 31 at the Daejeon Convention Center.

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