Huons Global Postpones Extraordinary Shareholders' Meeting on Subsidiary Merger

Huons Global has decided to adjust the schedule for the extraordinary shareholders' meeting regarding the merger between its subsidiaries, in order to protect the rights and interests of general shareholders and ensure procedural legitimacy in the merger process, in line with government guidelines.

On June 22, Huons Global announced via public disclosure that its board of directors has resolved to postpone the date of the extraordinary shareholders' meeting concerning the merger of its subsidiaries, Huons and Huons Lab, until after the release of the dual listing guidelines.

Huons Global had planned to hold the extraordinary shareholders' meeting on July 3 to seek shareholder approval for the proposed absorption-type merger of Huons and Huons Lab. In the process, the company has been considering restricting voting rights of the largest shareholder and related parties, even though there is no legal obligation to do so, in order to accurately reflect the opinions of general shareholders of the holding company during the merger of its subsidiaries.

However, as the release of the detailed guidelines has been delayed, the company announced that it will not make an arbitrary decision on the procedure and will instead adjust the date of the extraordinary shareholders' meeting. The company explained that because the dual listing guidelines, which Huons Global intended to follow for the voting procedure, have not yet been finalized, it decided to postpone the meeting to prevent confusion among shareholders regarding voting rights and to ensure fairness.

This move is seen as a reflection of management's strong commitment to strictly apply the finalized guidelines on protecting minority shareholder rights and dual listing of subsidiaries that are currently being promoted by financial authorities.

Huons Global stated that after the release of the dual listing guidelines and completion of its review on specific restriction methods, it will promptly announce the new schedule and details for the shareholders' meeting.

During the merger process, Huons Global previously decided on a shareholder return policy—providing in-kind dividends to general shareholders while excluding the largest shareholder and treasury shares—after holding a shareholder meeting and special committee review. The company also stated that, even though the shareholder meeting is postponed and the merger timeline is delayed, it will ensure that shareholders' intentions are accurately reflected in accordance with this policy.

Soo Young Song, CEO of Huons Global, stated, "The decision to postpone this extraordinary shareholders' meeting is to uphold the company's core principle of shareholder-centric management," adding, "We will actively embrace the forthcoming guideline and determine the merger based on the opinions of our shareholders."

This content was produced with the assistance of AI translation services.