Daesang Decides to Acquire 22.2% Stake in EcoVance (Tentative Name)

[Asia Economy Reporter Lee Seon-ae] Daesang announced on the 23rd that it has decided to acquire 4,000 shares (22.22%) of EcoVance (tentative name) for the purpose of equity acquisition to cooperate in the biodegradable plastic business.

The acquisition amount is 40 billion KRW, which corresponds to 3.63% of the company's equity capital. The scheduled acquisition date is October 31, 2023.

The company explained, “EcoVance is a company planned to be established with investments from our company (22.2%), SKC Co., Ltd. (57.8%), and LX International Co., Ltd. (20%) respectively.”