InskoBee Strives for Management Normalization After Risk Resolution

KOSPI-listed company InskoBee announced on August 19 that it will focus all its efforts on normalizing management following the resolution of risks through the final settlement of a lawsuit involving its subsidiary, Cellumed.

To this end, the company has decided to pursue the sale of key high-quality assets it holds, such as the Busan Data Center and Nano Silicon, in order to secure funds necessary for future business expansion.

In particular, the outlook for the Busan Data Center (120MW), in which InskoBee Group affiliates hold the largest stake (45%), is favorable, supported by government AI policies. As a comparable transaction, Macquarie Infrastructure acquired the Hanam Data Center (40MW)-one-third the size of the Busan facility-for 734 billion KRW in July last year.

InskoBee expects that selling the Busan Data Center and Nano Silicon will not only enable it to pay the damages related to the Cellumed lawsuit, but also sufficiently secure funds needed for business expansion.

For the first half of this year, InskoBee reported sales of 52.9 billion KRW, up 8% from the same period last year, and turned an operating profit of 400 million KRW, reversing a loss from the previous year. The company is striving for management normalization through asset sales and by expanding its MVNO, cosmetics, and blockchain businesses.

Freetelecom, an affiliate, recorded sales of 60.8 billion KRW and operating profit of 4.2 billion KRW last year, doubling its sales and more than tripling its operating profit compared to 2020. As of August 1, it has officially launched services in the Canadian wireless communications market.

Additionally, InskoBee is developing stablecoin technology in collaboration with Parameta, a blockchain technology-based company, and is also advancing its digital asset business, including signing a business agreement with Iksan City.

Meanwhile, on August 18, InskoBee's subsidiary Cellumed announced in a disclosure that it had reached a final settlement in its lawsuit with creditor Frederic F. Buchle, reducing the original damages from 24 billion KRW to 16.5 billion KRW. Excluding 2 billion KRW already seized by the creditor, only an additional 14.5 billion KRW needs to be paid.