Chosungwoo, Chairman of Polaris Office, Purchases Shares on Market... "Establishing Vertical Integration System for Polaris Group"

[Asia Economy Reporter Jang Hyowon] Jo Seong-woo, chairman of Polaris Office (formerly Infraware), has become the potential largest shareholder of Polaris Office through on-market stock purchases. Centered on Polaris Office, the group has pursued vertical integration of its governance structure to enhance business efficiency and strengthen responsible management among affiliated companies.

On the 19th, Chairman Jo Seong-woo disclosed that he purchased 54,200 shares of Polaris Office on the market. He currently holds 4,865,938 convertible bonds (CB) of Polaris Office.

A Polaris Office official stated, “Chairman Jo plans to convert the previously held convertible bonds into shares in July, becoming the largest shareholder of Polaris Office. By establishing a vertical integration structure among Polaris Office, Polaris Works, Sewon, and Uno & Company, we will pursue efficient group management.”

Once the convertible bonds held by special related parties of Sewon, the current largest shareholder of Polaris Office, are converted into shares, the largest shareholder of Polaris Office will change from Sewon to Chairman Jo. After the change, Chairman Jo’s stake will be 11.57%.

Meanwhile, Polaris Group officially declared the group management under Chairman Jo Seong-woo’s leadership on the 29th of last month and is actively expanding its business areas. On the 14th of this month, Sewon announced it would acquire a 17.02% stake in Uno & Company, a specialized manufacturer of synthetic fibers for wigs, to secure new growth engines, while reviewing business diversification and new ventures among group companies.