[THE INVESTOR] Minor shareholders of
Samsung SDS are raising the heat, accusing the firm of neglecting profits to ensure Lee family’s control over the group.
In a letter addressed to Samsung Electronics vice chairman
Lee Jae-yong, minor shareholders of Samsung SDS called on him to take steps for improving the share price.
 |
Samsung Electronics vice chairman Lee Jae-yong. |
“A decision to improve stock prices is needed. Restore the property rights of the minor shareholders that was lost (by the decision that is) affected by (Samsung SDS’) shareholding structure not performance,” the shareholders said.
The shareholders also urged Lee to keep the promise of raising revenue to 20 trillion won (US$17.4 billion) and operating profits to 2 trillion won the company had made at the time of listing on the market.
Samsung SDS’ share price plunged following the news of its plans to spin off its logistics business. As of 11:15 a.m., the shares traded at 148,000 won. The highest for the past 52 weeks is 301,500 won.
On June 14, the minor shareholders demanded that the company buy back its shares, and pay out early dividends. The demands were rejected.
The shareholders are also calling on the National Pension Service to exercise its rights as a shareholder.
The shareholders’ association said that they suspect the NPS to have sustained significant damages by investing in Samsung SDS, and called on it to make its position on the spin-off plan clear by June 30. However, it has been shown that the NPS does not hold more than 5 percent of Samsung SDS, Samsung Electronics and
Samsung C&T.
Under related regulations, the NPS is only required to disclose the names of companies in its stocks portfolio if it holds 5 percent or more.
By Choi He-suk (
cheesuk@heraldcorp.com)
