Shinsung E&G decided at its annual general meeting of shareholders to cancel treasury shares to enhance shareholder value. The company said on Wednesday it held its 47th annual shareholders meeting at its Smart Edu Center headquarters in Gwacheon, south of Seoul, and approved three agenda items as proposed, including a par value consolidation of shares and a cut in the cap on directors’ remuneration.

The meeting approved a 10-for-1 stock consolidation. The company will change the par value per share to 5,000 won from 500 won. It said the step is meant to improve share price stability and investor access. The company expects the restructuring of its share structure to strengthen the basis for valuing corporate value and contribute to enhancing long-term shareholder value.

The cap on directors’ remuneration was cut to 10 billion won from 15 billion won in the previous term. The company said it reflects the board’s effort to practise responsible management in a difficult business environment. Shareholders also approved partial changes to the articles of incorporation and the appointment of outside director Nam-shin Cho (조남신) as a member of the audit committee, as proposed.

Chief Executive Ji-seon Lee (이지선) said external uncertainty remained, including the U.S.-Iran conflict and rising raw material prices, but the company would never stand still. She stressed that it was important to stay focused on fundamentals and solidify the business structure when the environment is difficult. She added that the company would strengthen competitiveness at home and abroad and continue to expand its presence in global markets to create a stable growth trajectory, amid an expanding trend in global cleanroom demand.