Energy corporations Samchully appointed President Jeon Young-taek as a new inside director. Vice Chairman Lee Chan-ui stepped down from the board. Samchully also decided to immediately cancel 428,248 treasury shares it holds on the 31st of this month to boost shareholder value.
Samchully held its 60th annual general meeting of shareholders at its Yeouido headquarters in Seoul on the 20th. At the meeting, the company approved all six agenda items as originally proposed: ▲approval of the 2025 financial statements and consolidation financial statements ▲partial amendments to the articles of incorporation ▲appointment of inside directors ▲appointment of outside directors as audit committee members ▲approval of the limit on directors' remuneration ▲approval of the plan to hold and dispose of treasury stock.
On a consolidation basis last year, Samchully posted sales of 5.2755 trillion won, operating profit of 159.6 billion won, and net profit of 131.3 billion won. The company set the dividend per share at 3,000 won, the same as the previous year.
There were also changes to the board composition. At this general meeting, Samchully reappointed Vice Chairman Yoo Jae-Kwon as an inside director and newly appointed President Jeon Young-taek. Kim Doin, a senior advisor at KIM&CHANG, was reappointed as an outside director and audit committee member. As for the amendments to the articles, the company approved changing the term "outside director" to "independent director" and deleting the clause excluding cumulative voting.
In particular, Samchully decided to immediately cancel 428,248 treasury shares (10.6% of total shares outstanding) on the 31st of this month to enhance shareholder value. Through this cancellation, valued at about 56.5 billion won, the company aims to increase per-share value. Samchully also plans to use the remaining 202,752 treasury shares (5% of shares outstanding) for performance rewards to executives and employees to strengthen accountable management and solidify a management stance of co-prosperity with shareholders.
Vice Chairman Lee Chan-ui said, "Even amid last year's difficult business environment, Samchully was able to cement its status as a 70-year-longstanding corporations thanks to the unwavering trust and support of our shareholders," adding, "This year, to leap from 70 years to a centennial corporations, we will achieve responsible, sustainable, and co-prosperity management based on the unity of all executives and employees and focus the company's full capabilities on enhancing corporate value."