Paratech, Physical Division of Equipment Business Sector

[Asia Economy Reporter Jang Hee-jun] Paratech announced on the 30th that it will spin off its equipment business division and establish a new company called Hurim Engineering. This move aims to strengthen business competitiveness through efficient allocation of management resources and minimize management risks by separating investment risks for each business. All shares to be issued upon the establishment of the newly spun-off company will be allocated to the existing company, and no separate spin-off ratio will be calculated. Paratech plans to hold a shareholders' meeting on February 16, 2023, to approve the spin-off plan. The spin-off date is set for February 17, 2023.