GS Retail Launches GS P&L, a Split Subsidiary from Parnas Hotel and Fresh Meat

Parnas Hotel and Fresh Meat Establish Subsidiaries
Split from GS Retail... Focus on Hotel Business

GS Retail announced on the 2nd that its subsidiary GS P&L, centered around Parnas Hotel, has officially launched.

GS P&L is a holding company with Parnas Hotel and Fresh Meat, a specialized food processing company, as its subsidiaries. It is expected to serve as a control tower for securing competitiveness in the hotel business and expanding its operations.

GS P&L logo. Provided by GS P&L

To this end, it plans to pursue ▲ securing differentiated competitiveness in the existing hotel business through renewal investments ▲ expanding hotel consignment operation business ▲ building a value chain through vertical integration of fresh food ▲ strengthening commercial facility operation capabilities. Additionally, it intends to explore new business opportunities such as senior housing and shared housing development.

The inaugural CEO, Kim Won-sik, is a financial expert who previously served as the Chief Financial Officer (CFO) of GS Retail. He is leading the personnel split and the new listing process scheduled for the 23rd of this month.

Kim Won-sik, CEO of GS P&L. Provided by GS P&L

Meanwhile, the split ratio between the newly established company GS P&L and the continuing company GS Retail is 0.1917167 for GS P&L and 0.8082833 for GS Retail. Existing GS Retail shareholders will be able to hold shares of both the new and continuing companies according to the split ratio.

Kim Won-sik, CEO of GS P&L, said, "The personnel split process, pursued to enhance corporate and shareholder value, has been successfully completed, leading to the official launch of GS P&L. We will accelerate efforts to strengthen specialized capabilities in the hotel business and secure differentiated competitive advantages, while focusing on growing Parnas Hotel into a leading hotel in Korea."