President Yoon Suk Yeol and Doosan Group Chairman Park Jeong-won, front row left, walk into the factory of Doosan Skoda Power, the Czech subsidiary of Doosan Enerbility, to attend an agreement signing ceremony in the Czech city of Plzen in this September photo. Courtesy of Doosan Enerbility

The National Pension Service (NPS) decided on Monday it would vote for Doosan Enerbility's controversial plan to spin off Doosan Bobcat to place it under the control of Doosan Robotics, only if the stock prices of the plant equipment supplier and the robotics firm exceed their respective appraisal rights prices as of Tuesday.

The state pension fund said that it will abstain in order to secure its appraisal rights, if the stock prices of the two Doosan affiliates fall short of their respective appraisal rights prices.

Doosan Enerbility set its appraisal rights price at 20,890 won ($14.54), while Doosan Robotics set the price at 80,472 won.

On Monday, their stock prices closed at 17,380 won and 57,400 won, respectively.

Given that Doosan Group has been seen as the main beneficiary of President Yoon Suk Yeol's policies friendly to the nuclear energy industry, their stock prices plunged sharply last Wednesday, when the president ended martial law after six hours.

Until last Tuesday, Doosan Enerbility's stock price was above 20,890 won.

Industry officials expect the NPS to abstain during the forthcoming meetings of Doosan affiliates' shareholders on Thursday, as it seems virtually impossible for the companies to pull up their stock prices to above their appraisal rights prices in time.

In case of the abstention of the NPS, which holds a 6.85 percent stake in Doosan Enerbility as its second-largest shareholder, the success of the company's spinoff plan could hang on the decision of its minority shareholders, who collectively own a 64.56 percent stake.

Doosan Group's holding firm, which has around a 68 percent stake in Doosan Robotics, only owns a 30.39 percent stake in Doosan Enerbility.

However, Doosan Enerbility's minority shareholders have opposed the conglomerate's plan to include the lucrative construction equipment manufacturer as a subsidiary of the struggling robotics company.

Institutional Shareholder Services also recommended investors to oppose the plan, pointing out that it will harm Doosan Enerbility's minority shareholders, potentially benefiting controlling shareholders, including Doosan Group Chairman Park Jeong-won and his family, at their expense.

Although the group refuted the world's largest proxy adviser's report, foreign pension funds including CalPERS, CPPIB and BCI decided to vote against the Korean firm's governance restructuring.

Domestic proxy advisers, such as Sustinvest, also recommended investors oppose the plan.

On the other hand, Glass Lewis advised investors to approve the plan, citing the possibility of the firm focusing more on its core businesses. Multiple domestic proxy advisers shared the view of the world's second-largest proxy adviser.