On the 3rd, NewOn announced that it will absorb and merge its wholly owned subsidiary, Sallim Baekseo.
Sallim Baekseo is a company that manufactures toothpaste, soap, and other detergents and hygiene products.
The merger ratio between NewOn and Sallim Baekseo is 1 to 0.
No new shares will be issued upon the merger. There will be no change in the ownership shares or stake ratio of NewOn's largest shareholder after the merger.
The merger agreement date is the 4th of this month, and the merger date is September 6.
NewOn expects that this absorption merger will strengthen Sallim Baekseo's business capabilities by leveraging external recognition and business networks.
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