SNT Holdings Corporate Governance Report: Mixed Compliance, Strong Financials, Bond Issuance with Premium Conversion Terms
SNT Holdings achieved solid results in 2025: consolidated sales of 2,235.7 billion KRW (+22.8% YoY), operating profit of 300.7 billion KRW (+30.0% YoY), net income of 219.7 billion KRW (-10.9% YoY).
Dividend per share increased sharply from 1,600 KRW to 3,000 KRW, with a consolidated payout ratio of 33.9%, meeting the criteria for a high dividend company.
Of the governance key indicators, 15 are complied and 7 are not. Deficiencies include sending shareholder meeting notices only 2 weeks in advance (not 4), no electronic or written voting, and lack of disclosed dividend policy.
The board consists of 3 inside directors and 1 outside director (all male), with no board committees. Outside director ratio is 25%.
Issued 20 billion KRW in exchangeable bonds and 30 billion KRW in convertible bonds in 2025, both with premium conversion prices (10% and 5% respectively) to minimize dilution. The exchangeable bonds were fully exchanged.
Auditor is Song Dae-yong; external auditor is Samjong KPMG. Quarterly meetings without management attendance ensure close communication with external auditors.
No share buyback or cancellation in the past 3 years. Total cash dividends for 2025 were 44 billion KRW.