Scheduled for May next year... All future treasury shares to be canceled
Binggrae announced on the 22nd that it held a board meeting and resolved to split into a holding company and an operating company through a spin-off in May next year.
After the split, Binggrae decided that the holding company will focus on investment business areas such as new business investments and subsidiary management, while the operating company will concentrate on the business divisions subject to the split. Through this, Binggrae stated that it aims to maximize the business competitiveness and growth potential of each business division, establish a foundation for sustainable future growth, efficiently allocate management resources to receive appropriate corporate value evaluations from the market, and ultimately enhance shareholder value.
The newly established 'Binggrae (tentative name)' through this spin-off plans to build an independent management system for the production and sales of dairy products and other food and beverage items, strengthen business expertise and growth strategies, and proactively respond to the rapidly changing market environment to further enhance business competitiveness.
The surviving company after the split, 'Binggrae Holdings (tentative name),' will transition into a holding company under the Monopoly Regulation and Fair Trade Act, strategically managing investments and business portfolios while expanding the proportion of overseas business. It also plans to lead long-term growth by maximizing collaboration synergies among group affiliates such as Binggrae and Haitai Ice Cream.
Additionally, Binggrae announced that to maximize shareholder value and enhance corporate value, it plans to cancel all 1,009,440 treasury shares currently held (10.25% of total issued shares) through a separate board resolution in the future.
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