Samsung C&T Slides After Shareholders Reject Activist Proposals
- Shares tumbled by the most in four years after Friday’s AGM
- Board’s dividend proposal was backed by 77% of shareholders
Samsung C&T Corp. slumped as much as 10%, the most in four years, after its shareholders rejected proposals from activist funds for a dividend increase and a share buyback.
The stock tumbled in Seoul after 77% of shareholders supported the board’s proposal for a dividend of 2,550 won ($1.92) per common share at Friday’s annual general meeting, while just 23% backed the activist funds’ alternative of 4,500 won.