Go Joon, CEO of AK Holdings, noted that "This year, Aekyung Group will have a painful movement," adding, "We will seek future growth engines that can be sustained even in 30 years."
On the 31st, at the 55th regular shareholders' meeting held at Aekyung Tower in Mapo District, Seoul, CEO Go responded to a question from a shareholder asking about "Aekyung Group's management plan."
At the regular shareholders' meeting of AK Holdings, the holding company of Aekyung Group, a minor shareholder pointed out the poor stock price and asked about "this year's groundbreaking management plan for Aekyung Group."
In response, CEO Go stated, "Initially, there were aviation and retail sectors that were vulnerable to COVID-19," but added, "I believe those are not an excuse to cover up everything related to the poor stock price."
Moreover, CEO Go emphasized that in companies with a high major shareholder equity, such as Aekyung Group, shareholder friendliness is more about boosting stock prices than dividend policies.
He emphasized, "Rather than a high dividend policy, securing cash to allow the company to grow and ensuring that cash is utilized in its subsidiaries is the shareholder-friendly policy," adding, "Ultimately, we are responsible for facilitating that to lead to stock price enhancement."
Additionally, CEO Go explained that Aekyung Group will secure continuous growth engines through "painful movements" this year.
He stated, "I do not think we can easily escape this phase in the short term," adding that "we will make courageous decisions and actions within this year."
Earlier, amid rumors that Aekyung Group would sell the 'Aekyung Chungbu Country Club (Central CC),' which is considered one of the group's prime assets, some reacted by suggesting that these remarks were not unrelated.
Then, CEO Go remarked, "With the improved financial structure and the secured stamina, we will pursue profits stably," stating that "we will act to ensure that support and investment in subsidiaries capable of growth take place."
Furthermore, CEO Go pointed out that a current issue for Aekyung Group is that there is no clear future growth engine.
He noted, "Aekyung Group will seek future growth engines now to ensure continuous growth even in 20 to 30 years," adding, "We will strive to show visible results to shareholders in this position next year."
On that day, the shareholders' meeting of AK Holdings ended in about 30 minutes, with all proposed agendas passing without any dissent. AK Holdings passed agendas to reappoint Lee Sang-shin as an inside director and to appoint Ryu Min-woo as an inside director for the finance division.