[Public Notice+] IA Acquires Additional 410,000 Shares of Sewon... "Maximizing Synergy in Electric Vehicle Business"

[Asia Economy Reporter Hyunseok Yoo] IA announced on the 14th that it has additionally acquired 410,000 shares of its affiliate Sewon through an over-the-counter purchase. The total amount of the acquired shares is 1.6 billion KRW.

With this stock acquisition, IA raised its stake in Sewon to 10.1%. The combined shareholding of Acent, Sewon's largest shareholder, and IA also increased from the previous 27.1% to 29.0%. Furthermore, the company explained that the holding ratio, including shares and convertible bonds held by the largest shareholder and related parties, rose to 35.8%, further solidifying its control.

IA and its affiliate IA Networks acquired Acent, Sewon's largest shareholder, in September last year, thereby acquiring management rights of Sewon. IA holds 100% of Acent's shares.

IA plans to strengthen its control by additionally acquiring Sewon's shares and expand strategic collaboration related to next-generation automobile businesses such as electric vehicles and hydrogen vehicles.

An IA official stated, “Sewon is currently focusing on expanding the supply of system parts related to electric vehicle batteries, increasing the applicable models and items not only for Ford, Hyundai Kia, and Tesla but also for GM, BYD, and others.” He added, “Moreover, since IA and Sewon jointly manage Trinotechnology, a specialized subsidiary for non-memory power semiconductors, which are core components of next-generation automobiles, we will maximize business synergy as a new growth engine.”