Didim Secures Cash Liquidity Through Headquarters Building Sale

[Asia Economy Reporter Moon Hyewon] Food service company Didim announced on the 29th that it will sell its office building located in Incheon. The transfer price is 8.2 billion KRW (approximately 9.2% of the consolidated total assets at the end of last year), and the sale is scheduled to be completed by December 30th of this year.

Due to the outbreak of COVID-19, Didim, whose main business was face-to-face services, has faced difficulties operating its stores because of social distancing measures.

As of the end of last year, short-term borrowings amounted to approximately 27.6 billion KRW, but through continuous repayments, the burden of short-term borrowings has somewhat eased to about 12 billion KRW as of the end of September this year.

Didim expects the scale of short-term borrowings to decrease further through this asset sale. It explained that while securing funds that were lacking due to the difficult market environment, it has also secured capital for expanding new businesses such as HMR.

A Didim official said, “Since the implementation of With-Corona this month, sales at directly operated stores such as Baekjewon and Tokyo Hana have been on the rise,” adding, “We expect the business environment to improve further next month due to the year-end peak season.”