Sambu Construction in Rehabilitation: Widespread Non-compliance with Governance Core Indicators, Severe Financial Deterioration, and Elevated Delisting Risk
Since the commencement of rehabilitation procedures on March 6, 2025, all major decisions require approval from the Seoul Bankruptcy Court, and the 71st and 72nd regular general meetings of shareholders were not held, resulting in complete non-compliance with core shareholder meeting indicators (4-week advance notice, electronic voting, etc.)
On a consolidated basis, current-period sales were KRW 110.9 billion, operating loss KRW 26.6 billion, net loss KRW 76.7 billion; total assets only KRW 174.4 billion, with no distributable profits, resulting in zero dividends or share buybacks over the last three fiscal years
The largest shareholder holds only 3.39% of shares, while minority shareholders hold 96.61%, indicating unstable governance; the board consists of only one outside director, lacks independence, and all board members are male
Although internal control policies are in place, there is no CEO succession plan, no D&O insurance, no individual evaluation of outside directors, indicating very low governance standards
Current related-party transactions include short-term borrowings of KRW 6.1 billion from the largest shareholder and loans to overseas subsidiaries totaling KRW 20 billion, with collateral provided but non-performing risk remains
[AI Summary]Sambu Construction, under rehabilitation and severe financial distress, has seriously damaged investor confidence by failing to hold shareholder meetings, making no dividends, and not meeting core governance indicators; with potential capital impairment and delisting risk, extreme caution is required for investment