'Activist' Align Partners Requests Inspection and Duplication of Dentium Board Minutes

Request for Materials on Related-Party Transactions and Vietnamese Business

"Questions Raised Over Disclosure Errors Worth Tens of Billions... Issue Requires Review"

Activist fund Align Partners Asset Management (hereinafter referred to as Align Partners) is continuing its shareholder activities ahead of Dentium's annual general shareholders' meeting, including submitting a request to inspect and duplicate the board of directors’ meeting minutes.

On March 18, Align Partners announced that it had requested inspection and duplication of the board minutes on March 6 and disclosed supporting materials for agenda items on March 12. Align Partners explained, "This is to secure the necessary information as a shareholder regarding Dentium’s key management decision-making processes." The requested board minutes covered the following matters: ▲Approval of transactions with related parties ▲Investment in the Vietnamese subsidiary and related businesses ▲Investment in a Vietnamese medical corporation ▲Review of measures to enhance shareholder value.

Align Partners stated, "Jung Sungmin, the inside director and largest shareholder, is involved in the management of related companies such as Genos, Artificial Organ Research Institute, and Dentium Dental Clinic," adding, "Given that substantial transactions have taken place between the company and related parties, it is necessary to verify whether such transactions were properly approved in accordance with the self-dealing regulations of the Commercial Act, and whether the main details and fairness of the transactions were sufficiently reviewed."

They also claimed that questions were raised from the disclosure details of related-party transactions. According to Align Partners, transactions with Genos Pharmacy, which were not listed in the 2024 business report, have been recorded since last year's semiannual report. However, Genos’ audit report states that Genos Pharmacy has been liquidated, and according to the business registration, it was closed as of December 31, 2024, indicating inconsistencies in the information.

When Align Partners inquired with Dentium, the company responded that the inclusion in the semiannual and quarterly reports was simply a clerical error. In response, Align Partners pointed out, "It is difficult to believe that transactions worth tens of billions of won with related parties were left uncorrected for six months due to a simple mistake in the company’s regular disclosures," and stressed, "This issue calls for a review of the company’s accounting and disclosure management systems, as well as the board’s oversight function regarding internal transactions."

Align Partners also intends to use the board minutes to confirm whether there was sufficient prior review at the board level regarding the hydrogen fuel cell business being pursued through Vietnamese subsidiaries and other entities.

Align Partners has also published materials titled ‘2026 Annual General Shareholders’ Meeting Agenda Analysis and Voting Recommendations’ to help shareholders exercise their voting rights based on sufficient information.

Meanwhile, Align Partners has consistently demanded that Dentium cancel all of its treasury shares. Dentium completed the cancellation of all treasury shares on both February 6 and March 4.

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