[Asia Economy Reporter Jang Hyowon] SL Bionics announced on the 30th that the merger with the petroleum fuel company 'Woosung Industry,' conducted to enhance profitability through full-scale refinery business operations and entry into new businesses, has been completed.
The company signed a contract to acquire 100% of Woosung Industry's shares in February, paid the intermediate payments in two installments in April and May, and completed the final payment on the 29th, concluding the contract with a total of 35 billion KRW.
Woosung Industry is an eco-friendly fuel production and sales company with an annual production capacity of 144,000 tons. Its main product is the high-efficiency clean raw material 'WSB-C oil,' which it produces and sells. It is also recognized as a carbon-neutral leading company with ESG (environment, social, governance) competitiveness within the industry, and its main clients are known to be large domestic and international refinery chemical companies.
An SL Bionics official stated, "We will leverage Woosung Industry's production capabilities, which possess know-how in eco-friendly fuel businesses, as a foundation to secure stable new sales and generate operating profits," adding, "We are also striving to enhance shareholder value through entry into new businesses, such as recently promoting the lithium distribution business, a key raw material for electric vehicle battery materials."
Meanwhile, SL Bionics conducted a stock split in August to activate trading by increasing the number of circulating shares, and stock trading is scheduled to resume on September 13.
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