Align Partners Asset Management said on the 29th that it opened a "center for reports and proposals to enhance shareholder value" for stakeholders of A+ Asset Advisor and Dentium.
Align Partners is currently conducting shareholder activities to enhance shareholder value and improve governance at the two companies. With the launch of this center, it plans to collect opinions from a wide range of stakeholders, including executives and employees, counterparties, industry insiders, and shareholders.
The newly launched reporting and proposal center targets the two companies, A+ Asset and Dentium, and anyone, including shareholders, customers, executives and employees, and industry participants, can submit reports.
Matters subject to reporting include indications of abnormal equity purchases and efforts to secure friendly equity in exchange for the company's tangible or intangible assets or future profits; cases of inadequate internal controls and decision-making procedures; indications of private benefit-seeking by controlling shareholders and related parties; transactions suspected of accounting fraud; unfair acts during the solicitation process for proxy voting; and other management practices that damage the joint interests of shareholders.
Align Partners specified concrete reportable items such as indications that, with insurance companies and other institutional investors, requests or negotiations were made for cooperation in equity purchases or the exercise of voting rights premised on business benefits or transaction relationships; major matters that did not go through normal decision-making procedures such as a lawful board resolution; and cases of misappropriating the company's assets, personnel, or transaction relationships for the private purposes of the controlling shareholder's family.
In particular, Align Partners said it is accepting reports on the circumstances behind recent purchases of A+ Asset equity by insurance companies.
In Mar., Align Partners raised issues through a public press release over concentrated purchases of A+ Asset equity by the insurance sector.
According to insurers' 2025 business reports and semiannual reports, four insurers — Hanwha Life Insurance (3.00%), Hanwha General Insurance (1.02%), DB Insurance (1.00%), and Heungkuk Life Insurance (0.49%) — hold about 5.5% of A+ Asset's equity, and among them, DB Insurance and Heungkuk Life Insurance made new investments in mid-to-late December last year.
According to investor-by-investor transaction performance data provided by the Korea Exchange (KRX) and insurers' business and semiannual reports, the insurance sector's A+ Asset equity increased sharply from December last year, when Align Partners' tender offer began, reaching 6.59% at the end of December last year.
Align Partners said the buying trend has continued this year, expanding to above 10% as of the 28th.
Align Partners explained, "Given that A+ Asset is a large GA with close partnership ties with numerous insurers, it is important to verify the facts regarding whether there was cooperation in equity acquisitions or during the exercise of voting rights related to business interests."
In addition, matters related to intercompany transactions among Dentium and related companies such as Genoss and Artificial Organ Research Institute are also included among reportable items.
Align Partners has noted that intercompany transactions between Dentium and the related companies have continued at a considerable scale, and has said a review is needed on the fairness of the transaction details and terms.
It also pointed out that errors in disclosures of related-party transactions in the 2025 quarterly and semiannual reports were left unaddressed for six months and were corrected only after Align Partners raised the issue, expressing concern about the reliability of disclosures related to related-party transactions.
It also said that matters related to the solicitation of proxy voting and proxies at Dentium's regular shareholders meeting in Mar. are included among reportable items.
Align Partners said that, regarding the vast number of proxy forms obtained by Dentium from individual shareholders, the proxy review process identified numerous cases where shareholders' intent to grant proxy could not be confirmed and authenticity was in doubt, including mismatched contact information and duplicate proxy forms with differing handwriting. It said a review of the entire solicitation and processing of proxy voting is therefore necessary.
An Align Partners representative said, "We welcome any ideas that can lead the company in a better direction from a shareholder perspective, including the disposal of noncore assets, improvements to board composition, and qualitative enhancements to disclosures and IR activities."
Align Partners said that, if necessary, the submissions could also be used as foundational materials for raising issues with relevant authorities and supervisory agencies.
However, it said the identity of anonymous whistleblowers will not be disclosed to the outside under any circumstances, and no identifying information, such as IP addresses, will be collected.