Ottogi Invests 56.5 Billion KRW in U.S. Subsidiary

2.6% of Equity Capital
Conversion of 35.3 Billion KRW in Subsidiary Loans to Equity
New Paid-in Capital Increase of 21.2 Billion KRW

Ottogi will invest 56.5 billion KRW in its local subsidiary to strengthen its presence in the U.S. market.

On May 14, Ottogi announced that it has decided to acquire 400,000 shares of its U.S. subsidiary, OTTOGI AMERICA HOLDINGS, INC., for 5,654.8 million KRW. This amount is equivalent to 2.6% of Ottogi's equity capital.

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Following the acquisition, Ottogi will own 100% of the subsidiary's shares. Ottogi plans to convert 35.3 billion KRW in loans to America Holdings into equity and participate in a paid-in capital increase of 21.2 billion KRW. The acquisition is scheduled to be completed on June 27.

Ottogi explained that the investment is intended to expand its presence in the local consumer market.