Earlier this year, the former Ssangbangwool Group announced its dissolution and is now accelerating the sale of its affiliates to dismantle its circular shareholding structure. Market attention is focused as one of its key affiliates, Dimoa, is set to be completely separated from the group.
On September 17, the former Ssangbangwool Group stated that Dimoa has finalized the agenda for an extraordinary shareholders' meeting scheduled for October 1 and is expediting preparations for a full-scale organizational restructuring. The extraordinary shareholders' meeting will be held after the capital increase for the change of major shareholder is completed, and the entire board of directors will be replaced to sever all ties with the former Ssangbangwool Group.
The acquirer of Dimoa expressed, "We will significantly strengthen organizational capabilities under the new management," adding, "By focusing on diversifying our business portfolio and enhancing expertise, we aim to secure new growth engines and improve our market competitiveness." Following the sale of Dimoa, other major affiliates such as NSE&M have also begun considering public sales.
This restructuring is focused on dissolving the previously complex circular shareholding structure and establishing a fully independent operating system for each affiliate, in line with the plan announced in February. This is part of a systematic effort to protect shareholder value and resolve legal risks. Through this, each affiliate will pursue sustainable growth under a transparent and accountable management system.
In particular, this move is intended to completely eliminate the 'major shareholder risk' associated with the former owner, making it clear that the affiliates will operate under independent management without any involvement in each other's equity or operations. In fact, in January, Kwanglim demonstrated this commitment by transferring its 12.04% stake in Ssangbangwool to Segye Prime Development Co., Ltd.
A representative of the former Ssangbangwool Group emphasized, "Each affiliate is concentrating all efforts on establishing a transparent and independent management system to regain the trust of shareholders and the market," adding, "Through this, we will secure financial soundness and enhance management transparency, thereby contributing to restoring market confidence."
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