이 기사는 2022년 01월 06일 08시09분 thebell에 표출된 기사입니다

South Korea’s steel giant Posco, which is in the process of shifting to a holding company, has made a listing of the split-off unit subject to a special resolution by the holding company’s shareholders in an effort to address shareholder concerns about a potential decline in corporate value.

Such requirement is stated in Article 9 which was added to the split-off unit’s articles of association, the company said in a filing on Tuesday.

This means a listing of its wholly-owned steel subsidiary, which will be separated from Posco under the holding company structure, will be possible only after securing votes of no less than two-thirds of the voting rights held by shareholders present at its parent company's general meeting and of at least one-third of the total issued shares.

The National Pension Service is the largest shareholder of Posco with a 9.75% stake at the end of September 2021, with foreign investors together holding more than 50% of the company.

After the transition to a holding company system is completed, the existing shareholders of the company will own shares in the holding company, tentatively called Posco Holdings.

Many of the existing shareholders have expressed concerns about a potential listing of the newly created steel subsidiary because this could result in a fall in the holding company’s value, with the steel business representing more than half of Posco’s total revenue.

Choi Jeong-woo, Posco’s chairman, has pledged not to take the steel subsidiary public since the company announced a plan to become a holding company.

“Adding the article to the steel subsidiary’s articles of association is part of efforts to reassure shareholder and market doubts,” an official at Posco said.

Posco has also revised the steel unit’s articles of association to include outside directors in the board and create an ESG (environmental, social and governance) committee within the board. (Reporting by Doung Yang)