Grateful to Fellow Shareholders Who Thoughtfully Engaged and Supported Improved Governance and Meaningful Change at the Company
Notes a Majority of Unaffiliated and Foreign Shareholders Voted for Flashlight Capital�s Proposals to Cancel Treasury Shares, Increase Share Buyback Program and Elect Our Two Independent Nominees to Board
Intends to Remain a Significant Long-Term Shareholder in KT&G and Looks Forward to Continued Engagement with Shareholders and the Company
SINGAPORE–(BUSINESS WIRE)–Flashlight Capital Partners Pte. Ltd (Flashlight Capital), a meaningful shareholder of KT&G Corporation (KRX: 033780) (KT&G or the Company), today issued the following statement regarding its proposals put forth at the Companys 2023 Annual General Meeting of Shareholders (the General Meeting).
Sanghyun Lee, Managing Partner of Flashlight Capital, commented:
We thank our fellow shareholders for their thoughtful engagement and support during our campaign for improved value-creating change at KT&G. Over the past few months, we aimed to shine a light on issues that have negatively affected the Companys performance, including KT&Gs disregard for transparency, poor capital management and deficient governance all of which we sought to rectify with our shareholder proposals at this years General Meeting. We are also grateful to leading proxy solicitor Institutional Shareholder Services, Inc. for recommending in favor of all our proposals.
Ultimately, we are disappointed by the results of the General Meeting and believe that today is a bad day for corporate governance in Korea. We are, however, encouraged that a majority of unaffiliated and foreign shareholders voted for our proposals to cancel the Companys treasury shares, increase the share buyback program and elect our independent nominees to KT&Gs Board of Directors. Looking ahead, we intend to remain a long-term significant shareholder of KT&G and will continue to engage constructively with shareholders and the Company to drive positive change through whatever means necessary.
About Flashlight Capital
Flashlight Capital Partners Pte. Ltd is an investment management firm founded by Carlyle Groups former Head of Korea, Sanghyun Lee. Based in Singapore, Flashlight Capitals investment philosophy is grounded in improving corporate governance and unlocking long-term value at its portfolio companies. For more information about Flashlight Capital, please visit www.FlashlightCap.com.
Contacts
For Investors
Flashlight Capital Partners
contact@flashlightcap.com
or
For Institutional Investors
Georgeson
Savoy Lee
asia.engagement@georgeson.com
For Korean Media
Strategy Salad
Louis Kim
jhkim@strategysalad.com
For U.S. Media
Longacre Square Partners
Joe Germani / Charlotte Kiaie
flashlightcapital@longacresquare.com
KUALA LUMPUR, MALAYSIA - Media OutReach Newswire - 25 December 2024 - As the year…
Vietnam is increasingly popular among Indian tourists, consistently topping reports and surveys as a favoured…
KUALA LUMPUR, MALAYSIA - Media OutReach Newswire - 24 December 2024 - For Octa, a…
ACCRA, GHANA - Media OutReach Newswire - 24 December 2024 - 1win, in partnership with…
KUALA LUMPUR, MALAYSIA - Media OutReach Newswire - 24 December 2024 - Shopee Malaysia recently…
MOSCOW, RUSSIA - Media OutReach Newswire - 24 December 2024 - Wildberries, a leading e-commerce…