MP Group, Third-Party Allocation Rights Offering... Normalization Efforts Through Management Control Transfer

[Asia Economy Reporter Hyunseok Yoo] On the 28th, MP Group announced that the largest shareholder, former MP Group Chairman Jeong Woo-hyun, along with one other individual, signed a contract to transfer management rights through a third-party allotment capital increase with Eolmeoseu-TRI Restructuring Investment Association No.1.

Once the capital increase totaling 15 billion KRW in two rounds is completed, the largest shareholder of MP Group will change to Eolmeoseu-TRI Restructuring Investment Association No.1.

Currently, MP Group has been suspended from trading since July 2017. It is expected that the financial structure will improve and new management will be introduced through this third-party allotment, which will have a positive impact on the KOSDAQ Market Committee's review for maintaining the listing.

Meanwhile, the largest investor in Eolmeoseu-TRI Restructuring Investment Association No.1 is Pelicana and Shin Jeong. Pelicana, the first generation of chicken franchises, is expected to normalize MP Group, which owns the pizza franchise brand Mr. Pizza.