The second-largest shareholder of UANGEL, the listed company on the securities market, The One MTS, noted on the 7th that it proposed a contract to transfer both equity and management rights to the largest shareholder of UANGEL. The One MTS plans to participate in management if UANGEL's executives do not express their intention to transfer management rights by the 10th of this month.
The main terms of the contract are that The One MTS will purchase all of the 1,239,234 shares (equity ratio 9.39%) held by five individuals, including Chairperson Park Ji-hyang and CEO Yoo Ji-won, who are currently the largest shareholders. Additionally, at regular or extraordinary shareholder meetings, it requested that the current executives resign and that The One MTS representatives be appointed as directors and auditors.
A representative of The One MTS claimed, "On the 5th, we officially met with UANGEL's executives to discuss the proposal for acquiring management rights and cooperation measures," adding, "If there is no intention to transfer management rights by the 10th, we have agreed to automatically participate in management."
Last month, The One MTS sent a request letter demanding that UANGEL distribute this year's dividend at 2.5% per share.
However, UANGEL refuted this by stating that it communicated its intention to decline the proposal for transferring management rights. An official from UANGEL said, "The One MTS expressed its intention to acquire equity, so we clearly stated our intention to decline," and added, "The management participation is a decision of The One MTS and is not a matter we have discussed with them."
Meanwhile, The One MTS held 1,328,379 shares of UANGEL as of December 31 last year, with an equity ratio of 10.07%. Currently, UANGEL's largest shareholders are related parties, including Chairperson Park Ji-hyang and CEO Yoo Ji-won, holding a total of 16.89% equity, including the company's employee welfare fund equity of 7.50%.