Sebang Battery Appoints Kim Yong-jae, Chairman of Minwoo Tax Corporation, as Outside Director at General Meeting of Shareholders

[Asia Economy Reporter Hyunseok Yoo] Sebang Battery, a manufacturer and producer of battery packs for electric vehicles, has appointed Yongjae Kim, chairman of Minwoo Tax Corporation, as a new outside director.

On the 24th, Sebang Battery announced that at the shareholders' meeting held in Gangnam-gu, Seoul, the ▲2020 financial statements approval ▲partial amendment of the articles of incorporation ▲inside and outside directors were all approved as originally proposed.

Yongjae Kim, newly appointed as an outside director, is an expert in accounting and tax law. He has served as an inspector in the National Tax Service Audit Office, an administrative officer in the Presidential Secretariat, head of the National Tax Service Operations Support Division, and taxpayer protection officer at the Central Regional National Tax Service. He has also served as an outside director at Lotte Chilsung Beverage and Hanwha Investment & Securities.

Founded in 1952, Sebang Battery produces industrial, automotive, and two-wheeled secondary batteries and supplies them to several countries including South Korea, the United States, Europe, and Asia. It is well known for its "Rocket Battery" products and was recently selected as a manufacturer and producer of battery packs for electric vehicles by Hyundai Motor Group.

Hyundai Motor Company had previously received battery modules and packs produced by HL Green Power, a joint venture between Hyundai Mobis and LG Energy Solution, exclusively through Hyundai Mobis. However, due to the expansion of the electric vehicle market, it is known to have started selecting new partners.