KEPCO Engineering & Construction shares extended near 12-percent plunge of Friday, falling 4 percent on Monday despite its announcement that it will suspend a plan to reshuffle its organization centered on breaking up the nuclear reactor design team.
The state-owned nuclear power plant suffered investor shunning last week upon report that it was reviewing to disperse the team for operational efficiency in line with the government’s policy to phase out of nuclear power plants in favor of renewable energy.
In response to strong protest and concerns about weakening and leak in South Korea’s hard-built expertise in nuclear reactor, KEPCO E&C issued a press release on Sunday, saying it decided to completely suspend the ongoing organizational reshuffle to fulfill its responsibilities as a publicly traded company and as a public company.
The company said it formed a taskforce to reform an operational system for sustainable management in July and has reviewed ways to promote management efficiency with a focus on expanding stable business areas and improving the organizational system based on growth engines but denied the early media reports that it is trying to disperse its nuclear reactor design and development team.
It also said that Korea`s hard-achieved electric power and nuclear technology represents a precious asset and core value that cannot be abandoned, and it will do its best to increase global competitiveness with the pride that has driven the ecosystem of the country’s electric power technology.
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