Fibonacci Labels KRW 10B Treasury Share Trust a "Quick Fix" ;
Demands "Fundamental and Sustainable Corporate Value Enhancement Program”
▪ "The treasury buyback trust is a temporary measure to 'put out fires' ahead of the court injunction and Annual General Meeting"
; Highlights lack of specificity in the Corporate Value-up Plan.
▪ Urges the implementation of fundamental measures through the new Board of Directors to be formed through the March 30 AGM.
(Seoul, March 12, 2026) – Fibonacci Asset Management Co., Ltd. (CEO: Asher Tae), a Seoul-based fund manager, issued a statement regarding the KRW 10 billion share buyback trust agreement disclosed yesterday by tape measure manufacturer Komelon (049430). Fibonacci criticized the move as a superficial measure, lacking specificity and continuity, urging the company to establish a more fundamental and sustainable plan to enhance corporate value.
Fibonacci Asset Management previously submitted shareholder proposals for Komelon’s upcoming AGM on March 30, which include the election of Ji-ho Cha as an Outside Director and a KRW 40.5 billion share buyback.
Jake (Jaeyeop) Myung, Team Leader at Fibonacci Asset Management, stated, "We cannot shake the impression that the Corporate Value-up Plan disclosed last week and the treasury buyback trust announced yesterday are merely attempts to 'put out fires' ahead of the AGM and the pending court injunction." He added, "The current Board, which has been only a rubber stamp for the controlling shareholder, must present a sincere and concrete strategy. This should include normalizing governance by appointing outside experts with a deep understanding of capital markets to fundamentally resolve the severe undervaluation of Komelon."
Fibonacci further noted, "Komelon has consistently recorded Return on Invested Capital (ROIC) in the 30% range over the past three years, generating more than KRW 20 billion in annual net profit. Despite holding over KRW 150 billion of net cash and financial investment assets, the fact that the company trades at a market capitalization of only around KRW 160 billion is a direct result of underdeveloped governance and abnormal capital allocation." The asset manager continued, "Through closed communications with the company, we have repeatedly presented specific capital allocation plans that can resolve this extreme undervaluation while maintaining growth and stability. If necessary, we will make those plans public for general shareholders to judge and will do our utmost to ensure the newly formed Board reviews and executes these concrete measures following the March 30 AGM."
Among the official shareholder proposals submitted by Fibonacci Asset Management, the "KRW 40.5 billion Share Buyback" proposal item was excluded by Komelon from the AGM agenda. Consequently, Fibonacci has filed an "Injunction to Include Agenda Items" with the Western Branch of the Busan District Court, which is currently pending.
Fibonacci Labels KRW 10B Treasury Share Trust a "Quick Fix" ;
Demands "Fundamental and Sustainable Corporate Value Enhancement Program”
▪ "The treasury buyback trust is a temporary measure to 'put out fires' ahead of the court injunction and Annual General Meeting"
; Highlights lack of specificity in the Corporate Value-up Plan.
▪ Urges the implementation of fundamental measures through the new Board of Directors to be formed through the March 30 AGM.
(Seoul, March 12, 2026) – Fibonacci Asset Management Co., Ltd. (CEO: Asher Tae), a Seoul-based fund manager, issued a statement regarding the KRW 10 billion share buyback trust agreement disclosed yesterday by tape measure manufacturer Komelon (049430). Fibonacci criticized the move as a superficial measure, lacking specificity and continuity, urging the company to establish a more fundamental and sustainable plan to enhance corporate value.
Fibonacci Asset Management previously submitted shareholder proposals for Komelon’s upcoming AGM on March 30, which include the election of Ji-ho Cha as an Outside Director and a KRW 40.5 billion share buyback.
Jake (Jaeyeop) Myung, Team Leader at Fibonacci Asset Management, stated, "We cannot shake the impression that the Corporate Value-up Plan disclosed last week and the treasury buyback trust announced yesterday are merely attempts to 'put out fires' ahead of the AGM and the pending court injunction." He added, "The current Board, which has been only a rubber stamp for the controlling shareholder, must present a sincere and concrete strategy. This should include normalizing governance by appointing outside experts with a deep understanding of capital markets to fundamentally resolve the severe undervaluation of Komelon."
Fibonacci further noted, "Komelon has consistently recorded Return on Invested Capital (ROIC) in the 30% range over the past three years, generating more than KRW 20 billion in annual net profit. Despite holding over KRW 150 billion of net cash and financial investment assets, the fact that the company trades at a market capitalization of only around KRW 160 billion is a direct result of underdeveloped governance and abnormal capital allocation." The asset manager continued, "Through closed communications with the company, we have repeatedly presented specific capital allocation plans that can resolve this extreme undervaluation while maintaining growth and stability. If necessary, we will make those plans public for general shareholders to judge and will do our utmost to ensure the newly formed Board reviews and executes these concrete measures following the March 30 AGM."
Among the official shareholder proposals submitted by Fibonacci Asset Management, the "KRW 40.5 billion Share Buyback" proposal item was excluded by Komelon from the AGM agenda. Consequently, Fibonacci has filed an "Injunction to Include Agenda Items" with the Western Branch of the Busan District Court, which is currently pending.