Sangji Kyleum, 16 Billion Won Paid-in Capital Increase... Largest Shareholder Changed to Jungang D&M

[Asia Economy Reporter Jang Hyowon] Sangji Kyleum, a symbol of luxury residential facilities, has completed a paid-in capital increase worth 16 billion KRW. Accordingly, it was announced on the 15th that the largest shareholder has changed to Jungang D&M. Through this capital increase, Jungang D&M acquired 10,884,352 shares, holding a total ownership stake of 16.91%.

Jungang D&M recently changed its trade name and recruited real estate professionals for real estate development and consulting, space design, and sales agency services. It is also actively entering the small smart farm market through a strategic partnership with the landscaping specialist company ‘Supro’.

A Sangji Kyleum official stated, “Along with the change of the largest shareholder, we plan to appoint a new management team at an extraordinary general meeting on August 17. We will add waste and incineration plant-related business purposes to the articles of incorporation as a new business and actively promote environment-related projects.”

Recently, Sangji Kyleum invested in the expansion project of the Ulsan Mipo waste landfill facility and expects large-scale joint business profits for the next 10 years after the completion and commencement of operations of the expansion project.

Additionally, Sangji Kyleum introduced 88 premium residential officetel units under the ‘Sangji Kyleum M’ brand (total sales price of 180.2 billion KRW) in Nonhyeon-dong, Gangnam-gu, through its 100% subsidiary, and has currently sold over 95% of them.

A Sangji Kyleum official said, “This 16 billion KRW paid-in capital increase will improve Sangji Kyleum’s financial structure and greatly help secure business sites for investment in the new environment-related business and real estate development. With a listed company becoming the largest shareholder, Sangji Kyleum’s governance structure is also expected to stabilize.”