Mirae I&G Put Up for Sale... "Major Shareholders Pushing Stake Disposal"

Major Shareholders Push to Sell Entire Management Control Stake
Seller Side Says "Governance Structure Affects Five Listed Companies"

The major shareholders of IT service company Mirae I&G are pushing to sell all of their shares. If the sale of shares results in a change in Mirae I&G's largest shareholder, there is a high possibility that the management control of affiliated listed companies linked through the governance structure will also change.

According to the IT and investment banking (IB) industries on February 24, X, the largest shareholder holding a 22.28% stake in Mirae I&G, and its related party Namsan Mulsan are currently pushing to sell all of their shares, including management control of Mirae I&G. The market expects that Mirae I&G's major shareholders are in the process of selecting Samdeok Accounting Corporation as the lead manager for the sale, and that the stake sale will be conducted through an open competitive bidding process.

Mirae I&G shareholders recognize that the company is at a stage where it needs specialized professional management leadership to expand its business and discover new business areas. However, if there is a change in Mirae I&G's governance structure, the influence over the management control of the linked listed companies could also change. Among the affiliates, the entertainment business division is reportedly not included in the sale.

Industry sources expect the sale process to proceed through a standard competitive bidding procedure, starting with a preliminary bidding round, followed by the submission of letters of intent (LOI), due diligence, and the main bidding. The specific schedule and transaction terms will be finalized based on the proposals submitted during the bidding process.

A representative of a major Mirae I&G shareholder, who requested anonymity, said, "Even if the stake sale is pursued, there will be no changes to the company's sales activities and business operations," adding, "If any important matters are finalized in the future, we will provide notice through disclosures in accordance with relevant laws and regulations." The representative continued, "If there is a change in the governance structure that comprehensively takes into account enhancing corporate value, mid- to long-term growth strategies, and the personal circumstances of shareholders, it should be carried out in a way that supports Mirae I&G's growth."