"Reflecting the Integrated Online and Offline Trends in the Distribution Industry"
Scheduled Merger Date August 31
Dongwon F&B announced on the 19th that it has signed a contract to absorb and merge its online business subsidiary, Dongwon Dear Food.
On the same day, Dongwon F&B and Dongwon Dear Food each held board meetings and resolved to merge the two companies. The scheduled merger date is August 31, and it will be a non-capital increase merger without issuing new shares, with a merger ratio of 1 to 0. After the merger, Dongwon Dear Food will be dissolved, and Dongwon F&B will succeed all statuses, maintaining the company name as Dongwon F&B. The representative of the merged corporation will be Kim Seong-yong, CEO of Dongwon F&B.
The merger between the two companies will be carried out by Dongwon F&B absorbing Dongwon Dear Food. A Dongwon F&B official explained, "Recently, as the boundaries between online and offline in the distribution industry have disappeared and integrated, Dongwon F&B decided to absorb and merge the online business division to create integrated synergy."
Dongwon Dear Food is a wholly-owned subsidiary of Dongwon F&B, established in 2021 by a physical division of Dongwon F&B's online business division.
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