[2022 National Audit] KEPCO KDN Reaffirms YTN Sale Policy... "Unrelated to Core Business"

Kim Jang-hyun, President of KEPCO KDN, "YTN is not related to core business"

KEPCO KDN headquarters located in Naju, Jeollanam-do.
Photo by Asia Economy DB

[Asia Economy Sejong=Reporter Lee Jun-hyung] Kim Jang-hyun, CEO of KEPCO KDN, reaffirmed the policy to sell YTN shares.

On the 11th, at the National Assembly Industry, Trade, Energy, Small and Medium Business Committee's audit held at the Korea Electric Power Corporation headquarters in Naju, Jeollanam-do, CEO Kim stated, "YTN is not related to KEPCO KDN's core business."

Lee Cheol-gyu, a member of the People Power Party, pointed out on the same day, "KEPCO KDN is a company that secures orders from KEPCO affiliates in a monopolistic position," adding, "Since sales are guaranteed, unnecessary expenses and assets should be reduced to improve the financial structure." He continued, "When a public enterprise holds shares, there is a perception that efficiency and asset value are low, leading to undervaluation of the stock price," and urged, "Please proceed with the sale process as soon as possible."

Lee also pointed out that the process of acquiring YTN shares is unrelated to KEPCO KDN's business. Previously, KEPCO KDN acquired 30% of YTN shares in 1997 amid management difficulties caused by the foreign exchange crisis. Currently, KEPCO KDN holds 21.43% of YTN shares, making it the largest shareholder. Regarding this, CEO Kim said, "We will proceed with the sale of (YTN shares)."