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Doosan Infracore Starts Anew, Renamed "Hyundai Doosan Infracore"
Doosan Infracore gave itself a new name for the first time in 16 years, taking off as "Hyundai Doosan Infracore" poised for a fresh start as a construction equipment unit under the umbrella of Hyundai Heavy Industries (HHI) Group.
Doosan Infracore announced that an extraordinary general meeting (EGM) was held on September 10 to resolve the amendment of its Articles of Incorporation to change the company name into Hyundai Doosan Infracore Co, Ltd.
This comes after 16 years since the company was renamed Doosan Infracore in 2005, which is aimed at ensuring the fullest possible level of synergy between HHI Group's construction equipment affiliates by using both the Hyundai and Doosan brands that are among the most recognized brands in the global market.
At the EGM, Cho Young-chul, president and co-CEO of Hyundai Genuine, was newly appointed as an inside director of Hyundai Doosan Infracore, and capital reduction without pay-out by cutting the face value of its shares was resolved.
Other agenda items requiring partial amendments of the Articles of Incorporation, including changing the company name and domain name (into "hyundai-di.com"), were also passed as proposed.
Cho Young-chul, the newly appointed inside director, currently doubles as CFO of Korea Shipbuilding & Offshore Engineering (KSOE) and co-CEO of Hyundai Genuine, who previously served as head of Finance at Hyundai Oilbank and CFO at HHI.
As approved at the EGM, Hyundai Doosan Infracore will carry out capital reduction without pay-out by cutting the face value of its common shares from KRW 5,000 to KRW 1,000 in an effort to improve the financial structure and to raise enough funds to pay out dividends in the long term.
The trading halt of the Hyundai Doosan Infracore shares due to the capital reduction will take place from October 8 through 25, followed by the listing of its new shares on October 26.
"Doosan Infracore was officially incorporated into HHI Group on August 19," said Sohn Dong Youn, president of the company. "We look forward to creating synergy working closely with other affiliates of the Group, which will help us make continuous efforts for further growth and shareholder value maximization."