On December 28, 2022, Dalton Investments LLC announced that it had submitted a notification to Stella Chemifa Corproation with the following proposals. According to circumstances, i) Change in the composition of board members to appoint an independent board member who respects the opinion of general minority shareholders and seek a more transparent management system in order to avoid a potential conflict of interest, ii) Change in dividend policy, such as, dividend increase to imporove stock value and a change to capital policy, such as, share repurchase, iii) In addition, there is a possibility of making an important proposal regarding any reasonable actions that the submitter believes will lead to the improvement of shareholder value.