Truston and OK Capital Jointly Hold 5.7% Stake in Taekwang Industrial

Agreement to Jointly Exercise Voting and Shareholder Rights
"We Will Do Our Best to Enhance Corporate Value"

On July 21, Truston Asset Management announced, "Together with OK Capital, we have jointly acquired approximately 5.7% of the shares in Taekwang Industrial."

On the same day, Truston reported through a "Large-Scale Shareholding Report" on Taekwang Industrial that the company and OK Capital, an affiliate of OK Financial Group, have jointly acquired approximately 5.7% of Taekwang Industrial's shares. Truston will serve as the primary filer and will submit the joint report (collective filing) on behalf of both parties.

A Truston representative explained, "On July 18, as a result of a strategic decision to enable ongoing shareholder activities regarding Taekwang Industrial, we transferred 25,970 shares of Taekwang Industrial (representing a 2.33% stake) that we held to OK Capital via a block deal at a price of KRW 1,155,000 per share, which was the closing price on that day." As a result of this block deal, Truston's stake in Taekwang Industrial is now 2.97%, while OK Capital's stake stands at 2.73%.

According to Truston's disclosure, Truston and OK Financial Group have agreed to jointly exercise voting rights and shareholder rights regarding Taekwang Industrial in the future. This joint exercise of shareholder rights will be led by Truston.

Truston emphasized that, as the second-largest shareholder of Taekwang Industrial, it has worked for approximately five years since 2021 to improve Taekwang Industrial's governance structure and to enhance both corporate and shareholder value.

A Truston representative stated, "We are currently proceeding with an injunction lawsuit to prevent the sudden issuance of KRW 320 billion worth of exchangeable bonds (EB) backed by treasury shares, which was unexpectedly announced by Taekwang Industrial on June 27," and added, "As a joint shareholder and primary filer for Taekwang Industrial, we will continue to do our utmost to enhance the corporate value of Taekwang Industrial."