J's Co Holdings Completes First Payment for Willings Acquisition... "Management Control Secured"

[Asia Economy Reporter Jang Hyowon] J-Sco Holdings announced on the 1st that at the Willings extraordinary general meeting of shareholders held on the 30th, Choi Byunghwa, director of J-Sco Holdings, succeeded in securing management rights by being appointed as the new CEO of Willings.

On the 23rd of last month, J-Sco Holdings signed a stock and management rights transfer agreement to acquire 1,368,000 shares of Willings from CEO An Gangsoon and related party Yoon Miran for approximately 30.1 billion KRW. Subsequently, on the 29th, they paid the first transaction balance of 14.6 billion KRW and acquired 800,000 shares of Willings, becoming the largest shareholder.

As the largest shareholder of Willings, J-Sco Holdings held an extraordinary general meeting on the 30th to replace the existing management with executives from J-Sco Holdings for management efficiency. Among Willings’ existing executives, three inside directors, one outside director, and one auditor resigned, and CEO Choi Byunghwa was newly appointed.

J-Sco Holdings plans to continue diversifying its business to secure mid- to long-term growth engines, including entering the solar inverter (electric conversion device) business starting with the acquisition of Willings. The company explained that it will actively promote various high value-added businesses with high growth potential such as renewable energy, small batteries for drones, battery-related businesses, NFT, and virtual assets to maximize corporate value.

A J-Sco Holdings official said, “With the completion of the first payment of this acquisition, J-Sco Holdings has officially become the largest shareholder of Willings,” and added, “For management and decision-making efficiency, the existing Willings executives were replaced with management nominated by J-Sco Holdings.”

He continued, “The second transaction payment scheduled for September is already prepared, and we will promptly complete the acquisition of Willings and strengthen communication and cooperation systems between the two companies to maximize mutual business synergy and enhance corporate value,” adding, “J-Sco Holdings will also soon reveal a concrete blueprint for the NFT and virtual asset new business, which is being promoted as another mid- to long-term growth engine.”

Meanwhile, on the 30th, J-Sco Holdings held a ‘Virtual Asset Conference’ at the Swiss Embassy to share Switzerland’s advanced virtual asset systems. J-Sco Holdings announced that at this conference, they appointed ‘Yug Waltensperger,’ CEO and attorney of JB, and ‘Silvan Amberg’ as advisors for the NFT business, strengthening cooperation in the blockchain field and actively advancing new businesses.