Socar Absorbs Subsidiaries Esca and Chacare Through Merger

[Asia Economy Reporter Noh Kyung-jo] SOCAR announced on the 29th after market close through a public disclosure that it will absorb and merge its subsidiaries Eska and Chacare.

The merger date is January 1 of next year, and the surviving company after the merger will be SOCAR.

SOCAR stated, "We decided on the merger to maximize synergy effects, strengthen competitiveness, and improve management efficiency," adding, "As this is a non-capital increase merger without issuing new shares, there will be no impact on changes in management rights of the merged company."

They continued, "Eska and Chacare were wholly owned subsidiaries of SOCAR and consolidated subsidiaries before the merger, and this merger will not affect sales and profits in the consolidated financial statements."