Suspension of conversion to holding company of Hyundai Department Store… Disapproval of the spin-off agenda at the extraordinary general meeting of shareholders – Invest Chosun

• Hyundai Department Store will discontinue its governance reorganization plan, which involves splitting the investment and business sectors and converting them into a holding company system. This is a decision following the rejection of the relevant agenda at the extraordinary general meeting of shareholders (hereinafter referred to as the general meeting of shareholders).

  However, Hyundai Green Food, which passed the spin-off agenda at the shareholders’ meeting, continues to push for the transition to a holding company system.

  On the 10th, Hyundai Department Store announced that it would suspend the process of converting the holding company system through spin-off as the ‘approval of the spin-off plan’ was finally rejected at the extraordinary shareholders’ meeting today. The approval rate for the division plan approval was 64.9%, which was 1.7% below the special resolution requirement of 66.7%.

  Hyundai Department Store announced plans to complete the holding company system through stock exchanges and tender offers after splitting off Hyundai Department Store and Hyundai Green Food in September of last year. The main point is that Hyundai Department Store will be divided into Hyundai Department Store (surviving corporation) and Hyundai Department Store Holdings (new company), and Hyundai Green Food will be divided into Hyundai GF Holdings (surviving corporation) and Hyundai Green Food (new corporation).

  However, as the approval of the spin-off plan was rejected at the extraordinary shareholders’ meeting of Hyundai Department Store, the plan to transform the holding company system became impossible. Hyundai Department Store added that it has no plans to pursue it again in the future.

  However, for Hyundai Green Food, the approval of the division plan was finally passed at the extraordinary shareholders’ meeting. Apart from Hyundai Department Store, Hyundai Green Food is explaining that it will continue to promote the transition to a holding company system through a spin-off.

Invest Chosun Paid Service Posted on February 10, 2023 at 11:35