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| DB하이텍 (사진=연합뉴스) |
[Alpha Biz=(Chicago) Reporter Kim Jisun] Activist fund KCGI, led by Kang Sung-boo, recently held a "meeting between the families of the bride and the bridegroom" with DB HiTek.
It was the first meeting since KCGI bought a stake in DB HiTek in March. However, as the two sides failed to narrow their differences here, it is pointed out that future disputes over management rights are inevitable.
According to industry sources on the 5th, KCGI and DB HiTek recently met to exchange views on improving governance. At the meeting, KCGI delivered calls to DB HiTek to improve its governance structure, including the formation of an independent board of directors and the resignation of DB Group founder Kim Joon-ki.
The DB HiTek said it would consider forming an independent board of directors positively. However, he expressed a negative stance on the issue of remuneration and resignation of Kim Joon-ki, chairman of the start-up.
Analysts in the business community say that the possibility of a management dispute within the DB HiTek has increased. The KCGI expressed its willingness to purchase additional shares and compete in regular and extraordinary shareholders' meetings if the requirements are not accepted.
After acquiring a stake in DB Hitech in March, KCGI began to act as a shareholder. At that time, KCGI purchased a 7.05% stake in DB Hitech through Special Purpose Company (SPC) Carofi Holdings and became the second largest shareholder after DB Inc. (12.42%). It is 3.44% higher than Kim's chairman (3.61%).
KCGI says the corporate value of DB HiTek is extremely undervalued due to the outdated management behavior of the owner family and management.
In the meantime, KCGI has sent a shareholder letter to DB Hitech several times asking for explanation and data necessary to enhance shareholder rights. But when DB HiTek delayed providing the data, KCGI went on to exercise his skills.
On the 9th, he filed a lawsuit with the Incheon District Court's Bucheon branch for an injunction for reading and copying accounting books. KCGI explains that the move is aimed at preventing the possibility of concealing and scrapping data.
AlphaBIZ 김지선(stockmk2020@alphabiz.co.kr)
