Jeil Steel, Changes Management Rights Transferee and Renews Contract

[Asia Economy Reporter Ji Yeon-jin] Jeil Steel announced on the 15th that it will terminate the contract as the payment was not completed by the balance payment date of the 10th of this month, despite signing a contract on the 12th of last month to transfer management rights to three parties including Samdasoo Co., Ltd. by major shareholder K-One People.

The contract at that time involved transferring old shares of 6,020,450 held by K-One People and Shinbakhan Saram, and new share subscription warrants of 2,380,582, worth 19,544,980,000 KRW, to SMK Partners, Samdasoo, Cadians System, Crystal Value No.1 Investment Association, and others.

Jeil Steel announced again on the same day that due to this contract breach, it signed a transfer contract on the 10th to transfer the relevant shares to Cadians System, Crystal Value No.1 Investment Association, and Crystal No.2 Investment Association.

The extraordinary general meeting of shareholders has been rescheduled from the 25th of this month to the 19th of next month.