Dongkuk Holdings (001230.KS), the holding company of Dongkuk Steel Group, held its 72nd annual general meeting at Ferum Tower in Suha-dong, Jung-gu, Seoul, on Wednesday and reappointed Vice Chairman Chang Se-yook as an inside director.
At the meeting, Dongkuk Holdings put eight agenda items to a vote, including approval of financial statements, capital reduction through treasury share cancellation and par value reduction, a stock split, and director appointments. All items were approved as proposed.
Vice Chairman Chang said the group would unveil detailed strategies for its fourth mid-term management plan within the year. "We are broadly reviewing the forward and backward value chain, including materials, parts and equipment, to strengthen the group's core competitiveness," he said. "Internally, we are leveraging our tangible and intangible assets and R&D capabilities, while externally we are also considering joint ventures, mergers and acquisitions, and strategic alliances in promising sectors."
Chang emphasized that since the group's corporate spin-off, Dongkuk Holdings has focused on establishing future growth strategies and developing its business portfolio as the group's control tower, reviewing initiatives such as setting up a corporate venture capital (CVC) arm and investing in trending businesses.
He also shared plans to enhance shareholder value. "We are pursuing full cancellation of treasury shares, raising the minimum dividend threshold, and improving our capital structure for stable dividends and capital efficiency," Chang said. Following the approval of related agenda items, Dongkuk Holdings plans to carry out a stock split and a listing change in May, and to transfer legal reserves to retained earnings through an extraordinary general meeting in June.
Dongkuk Holdings newly appointed Chung Soon-wook, head of the company's strategy division, as an inside director. Chung joined the group's treasury team in 1997 and has managed the group's cash flow for nearly 30 years. He took on the role of head of the finance and accounting division in 2020, where he demonstrated expertise in financial planning and crisis management, laying the groundwork for sustainable growth. "The board recommended him as an inside director, judging that as head of the strategy division, he is a candidate who can enhance investor and market confidence going forward," the company said.
