Samyang Corp. Apologizes Over Antitrust Probe, Unveils Growth Strategy at Annual Shareholders’ Meeting

[Alpha Biz= Kim Jisun] Samyang Corporation announced on March 26 that it held its 15th annual general meeting of shareholders at the Samyang Group headquarters in Jongno-gu, Seoul.

During the meeting, CEO Kang Ho-sung issued an apology to shareholders, stating, “We sincerely apologize for causing concern due to the fair trade issue.” He added that the company will implement a voluntary compliance program, conduct a comprehensive review of sales practices across all business units, and carry out a full-scale audit of internal processes to help establish a fair market order.

Samyang Corp. is currently under investigation by the Fair Trade Commission over allegations of price-fixing involving sugar, flour, and starch syrup products, alongside companies such as CJ CheilJedang, Daesang Corporation, and Sajo CPK.

Kang also outlined the company’s strategy to expand its specialty business. “Last year, we established a U.S. subsidiary to accelerate the global expansion of allulose and secured local regulatory approvals in Australia and China,” he said. “We also achieved meaningful progress by developing and supplying engineering plastics for smart devices.”

He emphasized that the company will focus on securing new growth drivers, strengthening its global and specialty business portfolio, improving cash flow management, and pursuing stable growth through artificial intelligence (AI) transformation.

At the meeting, all six agenda items—including approval of the 15th financial statements, amendments to the articles of incorporation, appointment of directors and audit committee members, appointment of an outside director to serve on the audit committee, and approval of the directors’ remuneration cap—were passed as originally proposed.

Samyang Corp. reported revenue of KRW 1.897 trillion and operating profit of KRW 65.7 billion for the previous fiscal year. Following approval of the financial statements, the company also decided to pay cash dividends of KRW 1,750 per common share and KRW 1,800 per preferred share.