Kang Sung-bu: "The Trend Has Shifted... No Plans for an Extraordinary General Meeting"

[Asia Economy Reporter Minji Lee] Kang Sung-bu, CEO of KCGI, expressed his ambition to successfully lead the entry into the board of directors at the regular shareholders' meeting in March. He is determined to end the management rights dispute with Hanjin Group's management at this year's shareholders' meeting and focus on improving the company's structure.

Kang Sung-boo, CEO of KCGI (center), is answering questions at a press conference of the shareholder coalition for the normalization of Hanjin Group held at the Glad Hotel in Yeouido, Yeongdeungpo-gu, Seoul on the 20th. Photo by Kim Hyun-min kimhyun81@

On the 20th, Kang Sung-bu, CEO of KCGI, stated at the 'Shareholders' Alliance Press Conference for the Normalization of Hanjin Group' held at the Glad Hotel in Yeouido, Seoul, "The trend has already tilted in our favor," showing confidence that they can win the vote battle against Hanjin Group's management.

He said, "Personally, I believe our shareholding is ahead of Hanjin Group's," and added, "Existing shareholders likely share the same disappointment as I do regarding the repeated empty promises made by Hanjin Group."

Recently, the shareholders' alliance (Cho Hyun-ah, Bando Construction, KCGI) has been acquiring additional shares. It is known that Bando Construction recently increased its stake in Hanjin KAL by more than 4 percentage points. Since the shares purchased now cannot exercise voting rights at this year's shareholders' meeting, some speculate that the alliance is preparing for a long-term battle, such as an extraordinary shareholders' meeting after the general meeting.

In response, CEO Kang emphasized, "We are not considering an extraordinary shareholders' meeting," and stated, "We will definitely win at this year's regular shareholders' meeting."

Regarding concerns that KCGI might sell its shares to pursue practical benefits if they lose the vote battle at this shareholders' meeting, he firmly denied, saying, "There is absolutely no such plan."

CEO Kang explained, "Our fund is committed to improving the company's structure and increasing corporate value in the long term to achieve normalization," and added, "We will promote the company's survival and sustainable growth through a future-oriented airline business."