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Refine's Largest Shareholder Rejects Cha Partners' Buyback Proposal, Citing Growth Strategy

Technology Services · Internet Software/Services · yonhap_finance · 2026-09-11

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Refine's major shareholder, Realty Fine, has dismissed calls for a share buyback and cancellation, prioritizing capital allocation for M&A and AI-driven business expansion instead.

What Happened

Rejection of Shareholder Proposal: Realty Fine, the largest shareholder of Refine, has formally rejected a request from activist fund Cha Partners to initiate a share buyback and cancellation program. The major shareholder argued that using corporate funds for buybacks contradicts the company's long-term growth objectives.

Focus on Strategic Growth: Realty Fine emphasized that the company's cash reserves should be directed toward core competitiveness, specifically mentioning potential M&A in the B2C prop-tech sector and the advancement of AI-based screening systems. Management maintains that investing in these areas is more critical for long-term value creation than immediate capital returns.

Activist Demands: Previously, Cha Partners issued a shareholder letter urging the board to match the scale of the major shareholder's current tender offer with a corporate share buyback and cancellation. The activist fund argued that such a move would be more beneficial for enhancing overall shareholder value compared to the major shareholder increasing their stake.

Ongoing Tender Offer: Realty Fine, an SPC established by Stonebridge Capital and LS Securities, currently holds a 47.96% stake in Refine. The firm is currently conducting a tender offer for an additional 30% of the company's shares, which could potentially raise its ownership to 77.96% by the deadline on the 16th.

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