Welcome to our dedicated page for KT&G GDR 144A news (Ticker: KTCIY), a resource for investors and traders seeking the latest updates and insights on KT&G GDR 144A stock.
KT&G Corporation (KRX:033780), known for its tobacco, ginseng, and herbal products, has recently faced an ISS recommendation to vote against its Board of Directors' proposals. KT&G expressed concerns about ISS' reliance on data provided by dissident shareholder Flashlight Capital Partners, impacting overseas business performance analysis. Additionally, ISS' recommendations against CEO nominee Kyung-man Bang and other candidates raise questions on CEO selection impartiality and Board-endorsed Outside Candidate director candidacy. KT&G emphasizes rigorous CEO selection processes and inconsistencies between ISS' recommendations and its proxy voting guidelines. Furthermore, discussions between ISS, FCP, and KT&G raised concerns over export business profitability data discrepancies, misinformation, and interactions. KT&G seeks to engage constructively with stakeholders, address concerns, and ensure shareholder value.
Korea Ginseng Corp. US (KGCUS), also known as JungKwanJang, is celebrating the International Day of Charity and Chuseok with two major campaigns. The first is a Tesla Model 3 Giveaway with over 180 prizes, including luxury massage chairs and premium ginseng products. The sweepstakes runs from August 1, 2024, to January 31, 2025, with the first phase ending on September 30, 2024.
The second initiative is the 'Give the Gift of Health' campaign, partnering with Sprouts. For every ginseng product sold in September, JungKwanJang will donate an equal product to those in need. This campaign aligns with the company's commitment to wellness and philanthropy. JungKwanJang's Korean red ginseng, known for its health benefits, is promoted as an ideal gift for the Chuseok season and for maintaining health during colder months.
KT&G (KTCIY) reported strong Q2 2024 financial results, with revenue up 6.6% to KRW 1.424 trillion and operating profit surging 30.6% to KRW 321.5 billion. The growth was primarily driven by robust performance in the Overseas Cigarette business, which saw revenue soar 35.3% to a record KRW 359.1 billion. The domestic NGP business also grew, with revenue up 10.8% and operating profit increasing 42.8%. KT&G reaffirmed its commitment to shareholder value, announcing an interim dividend of KRW 1,200 and plans to buy back and cancel 3.61 million shares worth KRW 350 billion. The company projects full-year revenue growth of 2.5-3%, with operating profit expected to remain flat.
JungKwanJang, Korea's leading health supplement brand, is now available at Sprouts Farmers Market in the US. The brand offers products like Everytime 2000mg, Everytime Powerful Deer Antler, and Everytime Energy Boost, designed to suit American tastes. JungKwanJang Red Ginseng is known for its superior quality and non-GMO, gluten-free ingredients. The brand's 'Everytime' product line is the top-selling health supplement among foreign visitors to Korea and has achieved $1 billion in cumulative sales in Korea within eight years. JungKwanJang has previously entered Costco and Amazon, and holds a 46% market share in the global ginseng retail market. The company is conducting scientific research on red ginseng efficacy and safety at its R&D center near Fullerton, LA.
KT&G reported its financial results for the first quarter of 2024, with consolidated revenue of KRW 1.292 trillion and operating profit of KRW 236.6 billion. While the NGP and overseas cigarette sectors showed robust performances, the company faced a decrease in revenue and operating profit YoY due to global inflation and completion of real estate projects. However, KT&G anticipates a turnaround in the second half of the year under new CEO Kyung-man Bang's leadership, focusing on core business areas and business transformation.
Korea Ginseng held an international seminar at the International Conference on the Science of Botanicals (ICSB) about Korean red ginseng in the U.S. The seminar showcased scientific research on the safety, efficacy, and neuroprotective insights of Korean red ginseng. Key speakers included experts from Taiwan, the U.S., and Korea, presenting results of studies confirming the benefits of Korean red ginseng. The seminar highlighted the safety of red ginseng as a food ingredient and dietary supplement, emphasizing its role in improving circulation, immunity, and cognitive function. KGCUS plans to continue scientific research and develop customized products for the U.S. market, aiming to promote the excellence of Korean red ginseng to American consumers.
FAQ
What recent recommendation did ISS make about KT&G Corporation's Board of Directors' proposals?
Why did KT&G Corporation express concerns about ISS' recommendation?
What were the concerns raised regarding ISS' recommendations against CEO nominee Kyung-man Bang and other candidates?
What issues were identified in the discussions between ISS, FCP, and KT&G Corporation?
How does KT&G Corporation plan to address the concerns and engage with stakeholders?
