SL Bionics "Wuseong Industry Merger Progressing Smoothly"

[Asia Economy Reporter Jang Hyowon] SL Bionics announced on the 28th that it has agreed to postpone the payment date for the remaining balance of the purchase price for Woosung Industry, originally scheduled for the 28th, to July 28.

The company stated that the reason for the delayed payment date is due to schedule adjustments agreed upon by the parties involved, and that the originally planned merger schedule on July 29 will proceed without any issues.

The company plans to actively enter the refining business and seek profit generation as soon as the payment and transaction related to the Woosung Industry merger are completed.

An SL Bionics official said, "The postponement of the payment date was agreed upon by the parties involved, and the merger will proceed smoothly," adding, "We will accelerate efforts to establish new revenue sources, leveraging competitiveness in eco-friendly fuel oil amid the ongoing rise in oil prices."

He continued, "In addition to existing businesses and the refining business, we are also focusing on preparations to expand new businesses related to key materials for secondary batteries, and we expect this to contribute to the company's long-term profit generation and enhancement of corporate value."

Meanwhile, SL Bionics announced on the 21st through a disclosure that the board of directors resolved to add refining business objectives to enhance management efficiency and to enter new businesses through the merger.