Hyosung's New Holding Company Head Jo Hyun-sang "There Will Be an Opportunity to Announce Business Plans"

"Legally Complete Only After Exchange Approval"

Cho Hyun-sang, Vice Chairman of Hyosung, said there will be an opportunity to announce the business plan of the newly established holding company in the future.

According to Yonhap News on the 29th, Vice Chairman Cho made this remark after attending the regular general meeting of the Seoul Chamber of Commerce and Industry held at the Seoul Chamber of Commerce building, in response to questions about the direction of the new holding company’s business and whether there would be a separation of affiliates.

Earlier, on the 23rd, Hyosung Co., Ltd. resolved at a board meeting to reorganize the group into a two-holding company system, effectively declaring a sibling separation management. The existing holding company, Hyosung Co., Ltd., will continue to be led by Chairman Cho Hyun-joon, while the newly established holding company, tentatively named "Hyosung New Holding Co., Ltd.," will be headed by Vice Chairman Cho. The business community views this as a step toward affiliate separation.

Vice Chairman Cho said, "Since we are a listed company, we submitted an application to the Korea Exchange, and it must be approved by the exchange to be finalized. At this point, legally, it is difficult to say it is complete."

He added, "There is a legal review period required, and the exchange must give us the 'OK' sign, so after that passes, there will be an opportunity to talk about the business plan of the new holding company."

On September 12 last year, Cho Hyun-sang, Vice Chairman of Hyosung, was seen heading to the event hall to attend the 2023 National Chamber of Commerce Presidents' Meeting held at Walkerhill Hotel in Gwangjin-gu, Seoul.
[Image source=Yonhap News]

Hyosung Group will undergo an approval process at an extraordinary shareholders’ meeting in June and reorganize into a two-holding company system as of July 1, consisting of the surviving company Hyosung Co., Ltd. and the newly established Hyosung New Holding Co., Ltd. This comes six years after establishing the holding company Hyosung Co., Ltd. in 2018.

The surviving company Hyosung Co., Ltd., led by Chairman Cho, will have subsidiaries such as Hyosung TNC, Hyosung Heavy Industries, Hyosung Chemical, and Hyosung TNS. The new holding company, led by Vice Chairman Cho, will have six subsidiaries including Hyosung Advanced Materials, Hyosung Information Systems, and Hyosung Toyota.