Taekwang Industrial moved to reorganize its business by adding beauty and real estate development to its business purposes.
Taekwang Industrial disclosed that at an extraordinary shareholders meeting held at Good Morning City in Seoul's Dongdaemun District on Oct. 1, an agenda item to partially amend the articles of incorporation to add business purposes was approved as originally proposed.
Accordingly, Taekwang Industrial added 13 business purposes, including ▲ real estate development and implementation projects and sales ▲ development, operation and leasing of accommodations such as hotels and resorts ▲ overseas construction work and development projects ▲ land development business ▲ civil engineering and building construction business ▲ investment, implementation and related businesses for real estate and social overhead capital facilities ▲ development and sale of blockchain-based software, and trading and brokerage of crypto assets ▲ manufacturing and sale of cosmetics and sale of service products related thereto ▲ nuclear, solar, wind and geothermal energy and other new energy and renewable energy-related businesses.
Taekwang Industrial plans to enter the beauty market, prompted by its acquisition of Aekyung Industrial. On Jan. 29, Yu Tae-ho, chief executive of Taekwang Industrial, said in a letter to shareholders that the company would "review various ways to expand our business in the K-beauty market through continuous and sustained investment." In addition, with the recent acquisition of the Courtyard Marriott Namdaemun hotel, it decided to expand its real estate portfolio. It is also actively reviewing entry into the energy business.
At the extraordinary shareholders meeting that day, an agenda item to newly appoint Lee Bu-ui as head of business operations also passed as originally proposed. The head of business operations position was newly created to improve profitability of existing businesses. This head of business operations will return three years after leaving Taekwang Industrial in 2022.
Trust Asset Management, the second-largest shareholder that had put the brakes on Taekwang Industrial's exchangeable bond issuance, asked the company that day to make shareholder letters a regular practice. In response, CEO Yu said, "We will send them regularly and strengthen communication (with shareholders)."