Aju Hotel & Resort Sells Stake in Shared Office 'SparkPlus' to SKT

Shared Office Established in 2016 Recognized with 200 Billion KRW Corporate Value
New Investment of 20 Billion KRW... "Expansion of New Business"

Aju Group logo. [Photo by Aju Group]

[Asia Economy Reporter Junhyung Lee] Ajou Hotel & Resort announced on the 18th that it has sold 225,118 shares of the shared office company 'SparkPlus' to SKT.

SparkPlus is a shared office company established in 2016 by Ajou Hotel & Resort and SparkLabs to foster the domestic startup ecosystem. According to Ajou Hotel & Resort, SparkPlus currently operates 18 branches, ranking second in the domestic shared office industry.

With this share sale, SparkPlus was valued at approximately 200 billion KRW. The company explained that it has grown rapidly over the past five years through the expertise and collaboration of Ajou Hotel & Resort and SparkLabs.

SparkPlus will also attract new investments. Through a private equity fund (PEF), SparkPlus will receive a new investment of 20 billion KRW from Mirae Asset Venture Investment. The company plans to use these funds to open additional locations and expand new businesses.

Ajou Hotel & Resort will continue to participate as a major shareholder on the board of directors even after the share sale. A company official stated, "We will fully support SparkPlus to successfully go public (IPO)," adding, "This transaction has solidified the IPO goal planned for 2023 for all shareholders."