Sehwa IMC: "No Impact on Stock Transfer Due to Injunction Prohibiting Stock Disposal"

[Asia Economy Reporter Jang Hyowon] Sehwa IMC stated that the injunction prohibiting stock disposal will have "no impact on the stock transfer."

Sehwa IMC, a tire mold manufacturing specialist company (CEO Son Odong), announced on the 31st that it received a decision prohibiting Woosung Corporation from transferring, pledging, or otherwise disposing of the stocks listed in the appendix in relation to the injunction prohibiting stock disposal filed by Jeong Cheolwoong.

On the 12th, Sehwa IMC signed a stock transfer contract involving a change of the largest shareholder and is currently awaiting the payment of the remaining balance and the schedule for the extraordinary general meeting of shareholders.

A Woosung Corporation official explained, "The company will take all legal measures available regarding the unclear legal actions taken by some convertible bondholders," and added, "We predict that there will be no impact on the signed stock transfer contract."

An ACT official stated, "We believe that the transferor, Woosung Corporation, will promptly resolve the legal issues related to the injunction prohibiting stock disposal," and said, "Since the investment decision was made considering the significant business synergy effects for business diversification and entry into new businesses, we will maintain mutual trust regardless of the issue."

Meanwhile, on the 31st, Sehwa IMC disclosed the candidates for internal and external directors and auditors to be appointed at the extraordinary general meeting of shareholders scheduled for July 8.