Polaris Group Restructures Governance... "Strengthening Subsidiary Governance Centered on Polaris Office"

[Asia Economy Reporter Jang Hyowon] Polaris Group is strengthening its affiliate governance structure centered on Polaris Office.

On the 15th, Polaris Office announced that it will acquire 2,714,044 shares (8.11% stake) of Sewon, previously held by its affiliate Polaris Works, for 13.6 billion KRW.

A Polaris Group official stated, “We are reorganizing the governance structure to establish a vertical integration system centered on Polaris Office,” and added, “We will complete a stable vertical integration governance structure centered on Chairman Jo Seongwoo of Polaris Group and enhance competitiveness through synergy among affiliates.”

Jo Seongwoo, Chairman of Polaris Group, currently holds convertible bonds (CB) of Polaris Office worth 4.9 billion KRW (4,865,938 shares) and 54,200 shares of Polaris Office acquired through on-market purchases. He plans to convert the CBs into shares in the future to become the largest shareholder of Polaris Office.

Polaris Group officially launched under Chairman Jo Seongwoo’s leadership in March this year, declaring group management. It established a strategic collaboration system among affiliates and expanded its business by acquiring Polaris Uno in April. Polaris Group, composed of Polaris Office, Sewon, Polaris Works, and Polaris Uno, is securing growth potential and creating synergy in blockchain and NFT (Non-Fungible Token), electric vehicle air conditioning parts, and mobile modular businesses, respectively.