Shinsung ENG Holds 44th General Meeting of Shareholders... "Reviewing Shareholder Return Policy"

Shinsung ENG, a company listed on the Korea Stock Exchange, announced on the 24th that it held the '44th Annual General Meeting of Shareholders' at its headquarters in Seongnam, Gyeonggi Province. At the shareholders' meeting, resolutions were made on ▲approval of financial statements ▲approval of the transfer of reserves to retained earnings ▲approval of amendments to the articles of incorporation ▲appointment of inside directors, among other matters.

The 2022 financial statements and consolidated financial statements were approved. Last year, the company recorded sales of 664.1 billion KRW and an operating profit of 21 billion KRW, representing increases of 46% and 781% respectively compared to the previous year. Net profit for the period turned positive at 34.3 billion KRW.

Investments in the upstream industries of semiconductors and secondary batteries increased, and orders in the Clean Environment (CE) business division also grew. The Renewable Energy (RE) business division recorded a profit for the first time in seven years since 2015.

The agenda item on the 'transfer of reserves to retained earnings' was also passed. According to Article 460 of the Commercial Act, capital reserves can be used to cover deficits. As of the end of last year, Shinsung ENG had a deficit of approximately 111.3 billion KRW, which will be fully covered by utilizing part of the capital reserves (other paid-in capital) of 183.1 billion KRW within the capital accounts. Going forward, if net profit occurs, it can be used as a resource for dividends. With the passage of this agenda item, the company plans to achieve business performance this year and carefully establish shareholder return policies.

The agenda item on 'amendments to the articles of incorporation due to headquarters relocation' was approved. Shinsung ENG is scheduled to relocate its headquarters to a new building in Gwacheon on the 30th. Accordingly, the board of directors resolved the relocation of the head office. The relocation will allow employees to work in a spacious and comfortable environment.

CEO Ahn Yoon-soo was reappointed as an inside director. CEO Ahn has over 30 years of experience and expertise in the semiconductor cleanroom business and serves as co-CEO alongside CEO Lee Ji-sun. He led the domestic localization of the industrial air purifier (FFU; Fan Filter Unit), a core piece of equipment for cleanrooms, for the first time in Korea. Recently, he has laid the foundation for the growth of the secondary battery dry room business. CEO Ahn is expected to play an important role in discovering new businesses and expanding overseas operations.

Chairperson and CEO Lee Ji-sun said, "Thanks to the shared commitment to the mid- to long-term vision, we were able to resolve key agenda items," adding, "Employees will do their best to enhance shareholder value through building a solid portfolio and investing in technology."