WeHub announced on the 20th that the largest shareholder has changed from the existing CEO Hong Seong-gi of WeHub to Yang Jae-seok, chairman of JM Coffee Group.
Chairman Yang is the person who sold 100% of the shares of the coffee franchise brand Compose Coffee to a Philippine company and others for $340 million (approximately 470 billion KRW). In July, he also participated in a paid-in capital increase of Focus H&S with an investment of about 1 billion KRW.
This change was made as Chairman Yang participated in WeHub's third-party allotment paid-in capital increase and paid the capital increase funds.
Earlier, Focus H&S announced that existing shareholders Kim Dae-jung and two others signed a stock transfer agreement involving a change of the largest shareholder to three persons including WeHub. WeHub will hold about 20% of Focus H&S shares with a total investment of 11.6 billion KRW. The contract deposit of 1.16 billion KRW was paid on July 10, and the interim payment of 7 billion KRW was completed today.
WeHub stated, "We will use the funds secured through the paid-in capital increase to smoothly pay the remaining balance for the acquisition of Focus H&S."
On the 27th of this month, Focus H&S will hold an extraordinary general meeting of shareholders in Dongan-gu, Anyang-si, to discuss partial amendments to the articles of incorporation and the appointment of directors. The company name is planned to be changed to Focus AI. Candidates from JM Coffee Group and WeHub will be appointed as board members.
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