[Asia Economy Reporter Suyeon Woo] With the completion of the acquisition by Hoban Industries, Taihan Electric Wire has been incorporated into the Hoban Group.
On the 18th, Taihan Electric Wire announced that its largest shareholder has changed to Hoban Industries. According to the stock transfer agreement signed on March 29 between the former largest shareholder Nike and the new largest shareholder Hoban Industries, the change of the largest shareholder was completed on this day as Hoban Industries paid the remaining balance for the stock transaction.
As a result, Hoban Industries now holds 40% of the shares issued by Taihan Electric Wire. On the same day, Taihan Electric Wire held an extraordinary general meeting of shareholders and a board meeting, appointing nine new inside and outside directors and other non-executive directors, and elected the current Chief Executive Officer, Na Hyung-gyun, as the new CEO.
President Na joined as Senior Vice President in 2015, leading the business division, and was recognized for contributing to management normalization through financial stabilization and overseas business expansion. He was appointed as Chief Executive Officer in June 2019. Alongside President Na, Vice President Kim Yoon-soo (COO) and Executive Director Lee Ki-won (CFO), who served as executive officers, were also appointed as inside directors.
The Hoban Group explained that the current management team is well-suited to strengthen the competitiveness of the cable business and secure new growth engines. As other non-executive directors, three executives from Hoban Group affiliates were appointed to promote synergy among the group companies.
Meanwhile, through the extraordinary general meeting of shareholders held on the same day, Taihan Electric Wire also resolved amendments to its articles of incorporation, including changing its English company name and adding business purposes. Considering clear expression of the core business and future business expansion, the English company name was changed from 'Taihan Electric Wire' to 'Taihan Cable & Solution,' and housing construction and real estate development were added to the business purposes to create business synergy with the parent company. The Korean company name and the English 'taihan' remain unchanged, reflecting Taihan Electric Wire’s history and competitiveness in the domestic and international cable industry.
A Taihan Electric Wire official said, "By becoming part of the financially and operationally competitive Hoban Group family, we can maintain a competitive edge in the cable and solution business while pursuing continuous growth. Now that management is stabilized, we will strengthen our internal capabilities and drive change."
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