[e Gongsi Notice Catches Attention] Geumyang's 'Lithium Mine Development' Still "Undecided"

On the 14th, the KOSPI index recovered to the 2200 level, supported by the positive momentum in the U.S. stock market and net purchases by institutions and foreigners. Dealers are working in the Hana Bank dealing room in Euljiro, Seoul. Photo by Mun Ho-nam munonam@

[Asia Economy Reporter Hwang Junho] On the afternoon of the 14th, a response to an inquiry disclosure regarding Kumyang's lithium mine development and equity investment promotion was released. It is still "undecided" and "the final decision on whether to acquire equity will be made after reviewing the business feasibility."

Below are the major disclosures released that afternoon, including Kumyang.

▲Kumyang= On the 12th, signed a memorandum of understanding (MOU) with a local resource development company for the development of a lithium mine in Congo and equity investment. Kumyang stated that after local due diligence and final review of business feasibility, they plan to sign the main contract as soon as possible. However, if business feasibility is not secured, they do not plan to sign the main contract.

Through the MOU signing, the area under serious investment review is located at the southern end of the Manono mine in Congo. The company stated, "Initial geological survey results indicate that the lithium vein is connected to the mine jointly developed by Australian resource development company AVZ and China's CATL."

▲HSD Engine= Announced that it signed a ship engine supply contract worth 61.7 billion KRW with an Asian regional company. The contract amount is about 10.3% of the consolidated sales as of the end of last year. The contract period is from the 13th of this month to April 25, 2025.

▲HYBE= Announced that it will hold an investor relations (IR) meeting to present the 3rd quarter 2022 earnings to domestic and international securities analysts and major institutional investors on the 3rd of next month.

▲Able C&C= Re-announced "undecided" regarding reports on the sale of the largest shareholder's stake on the 16th of last month. The company stated, "After inquiring with the largest shareholder about the inquiry disclosure request, we received a response that nothing has been specifically decided or confirmed yet," and "We plan to re-disclose when specific details are confirmed or within three months."

▲Miwon Holdings= Decided to acquire 25,000 common shares of treasury stock worth 1.3325 billion KRW. The expected acquisition period is from the 17th of this month to January 16, 2023. Acquisition will be made directly through the Korea Exchange. The purpose of acquisition is stock price stabilization.

▲Miwon Holdings= Decided to pay a quarterly cash dividend of 575 KRW per common share. The dividend record date was the 30th of last month, and the dividend payment date is scheduled for the 26th of this month. The total dividend amount is 2,036,541,325 KRW, and the dividend yield is 1.01%.

▲Dongnam Synthetic= Decided to acquire 25,000 common shares of treasury stock worth 1.3325 billion KRW. The expected acquisition period is from the 17th of this month to January 16, 2023. Acquisition will be made directly through the Korea Exchange. The purpose of acquisition is stock price stabilization.

▲Techwing= Operating profit on a consolidated basis for the 3rd quarter of this year was 13.983 billion KRW, a 30.22% increase compared to the same period last year. Sales for the same period were 64.872 billion KRW, a 1.58% decrease.

▲Hanwha Aerospace= At the shareholders' meeting on the 14th, Son Jae-il, CEO of Hanwha Defense, was appointed as the new CEO. Son, born in 1965, graduated from Korea University with a degree in Business Administration and has held positions such as head of Hanwha Techwin's defense business division, CEO of Hanwha Ground Defense, and head of the human resources team at Hanwha Corporation's support division. Since 2020, he has served as CEO of Hanwha Defense. With this internal director change, Hanwha Aerospace will operate under a dual CEO system with Son Jae-il and Kim Dong-kwan. Son's term is two years.

▲E1= Signed a liquefied petroleum gas sales contract with Korea Gas Corporation. The contract amount is 197.2152 billion KRW, which corresponds to 3.83% of 2021 sales. The contract period is until April 30, 2023.

▲Telefield= Signed a purchase contract for ESR-3 wireless devices with SK Shieldus. The contract amount is 6.9 billion KRW, which corresponds to 19.95% of 2021 sales. The contract period is until December 31, 2027.

▲HumanN= Signed a domestic marine scrap iron supply contract worth 1.6155 billion KRW with Taemin Steel. This corresponds to 25.37% of 2020 sales. The contract period is until November 14.