Suncheon-si, Suncheonman Garden Market Seeks Shareholders

Applications Accepted from the 10th to the 31st

[Suncheon=Asia Economy Honam Reporting Headquarters Reporter Lee Hyung-kwon] Suncheon City, Jeollanam-do (Mayor Heo Seok) announced on the 5th that it will recruit shareholders for Suncheonman Garden Market Co., Ltd. from the 10th to the 31st of this month.

Suncheonman Garden Market is Korea's first government-supported garden tree auction house and comprehensive garden material distribution exhibition and sales center being constructed in the Yeonhyang-dong area. Suncheon City is investing 1 billion KRW, and it will raise 1.001 billion KRW from private shareholders, establishing the company as an agricultural corporation with a total capital of 2.001 billion KRW.

The issued shares are priced at 10,000 KRW per share, and any Suncheon citizen can participate in the subscription. Individuals can subscribe in units of 100,000 KRW from 100,000 KRW up to 10 million KRW, while corporations can subscribe in units of 1 million KRW from 1 million KRW up to 100 million KRW.

The city plans to recruit up to 90% of the subscription amount from Suncheon citizens and local corporations, and up to 10% from out-of-area expatriates and corporations.

Pre-subscription applications will be accepted until the 31st, with share allocation scheduled from the 1st to the 3rd of next month, and payment of the subscription amount from the 6th to the 8th.

However, if the amount raised exceeds the target, allocation may not be made according to the pre-subscription amount.

Shareholders will receive not only dividends but also a coupon book providing garden culture services such as recycling of discarded pots and a mini hospital for companion plants.

Additionally, Suncheonman Garden Market plans to prioritize purchasing locally produced landscaping trees and other local products to support regional farmers and revitalize the local economy.

Subscription applications can be submitted by visiting the Eup/Myeon/Dong administrative welfare centers or the city’s Garden Industry Division, or by email or postal mail.

For more details, please contact the city’s Garden Industry Division.