[Asia Economy Reporter Hyunseok Yoo] Central Bio has recruited key executives from Sambutogeon, which led the successful order of 900 billion KRW last year, as inside directors and declared a second leap forward through new businesses.
Central Bio announced on the 21st that it held an extraordinary general meeting of shareholders and passed agenda items including partial amendments to the articles of incorporation and the appointment of five inside directors.
The company recruited new inside directors to actively promote new businesses. Civil engineering and construction work, pavement work, electrical work, and railway and track work were newly added to the business items.
The newly recruited inside directors include CEO Lee Eung-geun, Vice President Kim Byung-gak, and Executive Director Won Dae-sung. They are key executives who have led the management stabilization of Sambutogeon by securing a stable sales structure and profitability for a considerable period.
Sambutogeon, which completed rehabilitation procedures in October 2017 and achieved management stabilization and growth foundation in a short period, has raised expectations for performance by succeeding in consecutive order contracts following a return to profitability in 2018.
In June last year, it signed a contract worth approximately 24 billion KRW for the 'Pohang Old Port Dongbin Breakwater Reinforcement Construction,' and in August, it won the order for the Incheon Geomdan AA34 Block Apartment Construction Section 3 worth 114.1 billion KRW. In October, it signed a contract for the construction of the Gimpo Hangang Gurae-dong Knowledge Industry Center new building worth 119.8 billion KRW.
Based on continuous sales and profit growth, Sambutogeon is focusing its capabilities by pursuing orders for high-profit projects including its own projects, while also entering real estate development and implementation businesses, as well as the fuel cell business.
Central Bio was established in April 1999, listed on the KOSDAQ market in 2001, and operates businesses including telecommunications equipment, PVC products and building materials manufacturing, and distribution of other daily necessities. After absorbing Jungang Living Sash in 2017 to diversify into PVC manufacturing, it changed its trade name from Jungang Living Tech to 'Central Bio' in May 2019.
Having recruited key executives from Sambutogeon, Central Bio is determined to strengthen corporate competitiveness and recreate the glory of the former Jungang Living Sash. A Central Bio official said, "We will establish a foundation for increasing corporate value and sustainable growth through profit stabilization from new businesses."
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