Listing of Posco’s split-off unit will require support from parent’s shareholders Such requirement added to steel subsidiary’s articles of association
Translated by Ryu Ho-joung 공개 2022-01-07 09:59:51
이 기사는 2022년 01월 06일 08:09 thebell 에 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)
< 저작권자 ⓒ 자본시장 미디어 'thebell', 무단 전재, 재배포 및 AI학습 이용 금지 >
관련기사
best clicks
최신뉴스 in 전체기사
-
- 수은, 첫 공급망기금채 발행…규모는 최대 3조
- [Policy Radar]보험사 감독강화 예고, 손보보다 부담 큰 생보
- 이복현 금감원장 "현안 대응 후 공직 마무리하겠다"
- [금융지주 해외은행 실적 점검]'동병상련' 농협·대구은행 미얀마 법인…회복 시동
- [캐피탈사 글로벌 모니터]하나캐피탈, 현지법인 손실 발생…사업 안정화 지원에 집중
- [저축은행 유동성 진단]KB저축, 예수금 축소에 유동성 개선 '제한적'
- [보험사 IFRS17 조기도입 명암]현대해상, 상대적으로 낮은 적정성 비율 관리 숙제
- [저축은행 유동성 진단]신한저축, 최하위 유동성비율 개선책 신규 '예치금'
- 디딤이앤에프, 신규 브랜드 2종 론칭 '매출 확장'
- 대동모빌리티, S-팩토리 자가용 태양광 발전소 준공