Five activist funds call for Samsung C&T to up shareholder value at general meeting

[YONHAP]

A group of activist funds have called for Samsung C&T, the de facto holding company of Korea's Samsung Group, to enhance shareholder value at a general meeting next month, the company said Thursday.

Five activist funds, including City of London Investment Management and Whitebox Advisors, demanded Samsung C&T raise cash dividends and cancel treasury stocks. The company plans to put the requests up for a vote at an annual shareholders meeting on March 15, the company said in a regulatory filing.

The five investors asked the company to buy back 500 billion won ($375 million) worth of treasury stocks for cancellation and provide 4,500 won per share for common stocks and 4,550 won for preferred stocks in dividends.

The requested dividends are far higher than the 2,550 won for common stocks and 2,600 won for preferred stocks offered by the company.

But their proposals are not expected to be approved in the annual meeting as their combined stake in Samsung C&T stands at a mere 1.46 percent.

Yonhap