NCSoft (036570.KS), the Korean online game developer, announced on March 26 that shareholders approved a resolution to change the company's name from "NCSoft" to "NC" at its 29th annual general meeting held at the NCSoft R&D Center in Bundang, Seongnam, Gyeonggi Province. The rebranding marks the first name change in the company's 29-year history since its founding in 1997.
Co-CEO Park Byung-mu, who chaired the meeting, said in his opening remarks, "NC has been committed to restructuring its business portfolio and improving its fundamentals to achieve sustainable growth. We are now at a stage where the strategies we promised are being realized as concrete results."
"Starting this year, we will build a predictable and sustainable growth model through three core pillars: maximizing the value of legacy IPs, securing new global IPs, and expanding the mobile casual gaming business," Park emphasized.
The resolution to change the corporate name from "NCSoft" to "NC" was passed at the meeting. The company explained that the name change formally completes the brand renewal process that began in 2020 with a corporate identity overhaul and mission redefinition.
NC will continue to strengthen corporate competitiveness and shareholder return policies to enhance shareholder value. The company has maintained a cash dividend payout ratio of 30% of consolidated net profit annually since 2014. This year's total dividend amounts to 22.3 billion won (1,150 won per share).
In addition, all six agenda items were approved as proposed at the general meeting, including: △ approval of financial statements and consolidated financial statements; △ partial amendment of the articles of incorporation; △ appointment of outside directors; △ appointment of outside directors serving as audit committee members; △ approval of the cap on directors' compensation; and △ approval of the treasury stock holding and disposal plan.