[Asia Economy Reporter Jang Hyowon] J-Sco Holdings announced on the 24th that it has signed a stock and management rights transfer agreement to acquire 1,368,000 shares of Willings held by CEO An Gangsoon and related party Yoon Miran for approximately 30.1 billion KRW. The scheduled transfer date is September 28, and after acquiring the shares, J-Sco Holdings will hold a 24.05% stake, becoming the largest shareholder of Willings.
Founded in 2003, Willings is a renewable energy specialized company primarily engaged in manufacturing electric conversion devices (inverters) and solar power generation business. Willings produces large-capacity inverters as its main product based on the inverter supply contract for the Saemangeum onshore solar power projects Zones 1, 2, and 3, the largest scale in Korea. In December last year, it also signed an EPC supply contract for a 23MW solar power plant in Sanghasari, Jeonnam, and is currently progressing with its solar power generation business.
J-Sco Holdings plans to strengthen its mid- to long-term growth engine through Willings' renewable energy business. Recently, as the Korean government decided to participate in the IPEF (Indo-Pacific Economic Framework), and since six major agendas of IPEF focus on decarbonization and clean energy, the renewable energy industry is expected to grow further.
A J-Sco Holdings official said, "Once the management rights transfer is finalized at the Willings extraordinary general meeting scheduled for June 30, J-Sco Holdings and Willings will begin full-scale efforts to create synergy," adding, "We will do our best to maximize corporate value and enhance shareholder value through mutual development with Willings."
He continued, "J-Sco Holdings acquired Willings' shares and management rights as part of business diversification for sustainable growth," and added, "Through this, we aim to equip new growth engines and, in the long term, continue to expand into various businesses such as NFTs to develop into a holding company."
In March, at the regular shareholders' meeting, J-Sco Holdings amended its articles of incorporation to add blockchain-based software development, cryptocurrency-related businesses, and NFT production, certification, brokerage, and sales businesses to its business objectives, promoting new NFT-related growth businesses.
Meanwhile, J-Sco Holdings achieved its highest quarterly sales of 30 billion KRW in the first quarter of this year since its founding. This performance represents an 87.7% increase compared to the same period last year, and from the second quarter, product sales will reflect the rise in raw material prices, so performance growth is expected to accelerate further.
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