SillaJen "Largest Shareholder's Commitment to Capital Increase and Voluntary Obligation to Retain Shares Implemented"

On the 13th, when SillaJen resumed trading after 2 years and 5 months, the SillaJen stock price was displayed on the market board at the Korea Exchange in Yeouido, Seoul. Photo by Jinhyung Kang aymsdream@

[Asia Economy Reporter Minji Lee] On the 13th, SillaJen announced that it will implement capital commitment and voluntary lock-up of shares by major shareholders to strengthen management sustainability.

The largest shareholder, M2N, and a major shareholder, New SillaJen Investment Association No.1, will commit to a lock-up of 18.75 million and 12.5 million shares of SillaJen, respectively, to ensure management stability and investor protection through responsible management.

Seo Hong-min, CEO and special related party of the largest shareholder, and the affiliate company Leadcorp, also plan to commit to a lock-up of shares held by M2N for responsible management aimed at management stability and investor protection.

Furthermore, until the voluntary lock-up period for shares issued by M2N held by Chairman Seo Hong-min expires, DK Marine, the major shareholder of M2N, has pledged not to voluntarily dispose of the subject shares except for company management circumstances such as providing collateral for additional borrowing, fulfilling collateral supplementation obligations under collateral contracts, or exercising creditors' collateral rights.