Hyosung Group approves ‘reorganization of two holding corporations’ at basic shareholders’ assembly

2024-06-14 22:04:02

Hyosung Group will start impartial administration with Chairman Cho Hyun-jun and Vice Chairman Cho Hyun-sang because the heads, respectively. Hyosung Co., Ltd. held a rare basic assembly of shareholders on the 14th and introduced that it had selected the ‘approval of the spin-off plan’ to spin off the funding division of six corporations, centering on Hyosung Superior Supplies, and set up a brand new holding firm, ‘HS Hyosung’. The picture reveals the Hyosung Group headquarters in Gongdeok-dong, Mapo-gu, Seoul, the place the shareholders’ assembly was held on this present day. 2024.6.14/Information 1

Hyosung Group is reorganized right into a two-holding firm system, and impartial administration by the brothers Chairman Cho Hyun-jun and Vice Chairman Cho Hyun-sang is predicted to start in earnest.

Hyosung held a rare shareholders’ assembly at Hyosung headquarters in Mapo-gu, Seoul on the morning of the 14th and introduced that the division plan approval agenda was accredited as initially deliberate.

As of July 1, Hyosung shall be reorganized into Hyosung Co., Ltd., an current holding firm led by Chairman Cho, and HS Hyosung, a brand new holding firm underneath Vice Chairman Cho. Hyosung Co., Ltd. has Hyosung TNC, Hyosung Heavy Industries, and Hyosung Chemical underneath its umbrella, and HS Hyosung’s foremost enterprise firm is Hyosung Superior Supplies.

Hyosung Vice Chairman Kim Gyu-young stated on the shareholders’ assembly that day, “The division of the holding firm is predicted to safe the administration stability of the group and on the identical time have a optimistic affect on long-term development and enhancement of shareholder worth by means of technological innovation.”

Chairman Kim stated, “Every affiliate is predicted to have the ability to shortly reply to market adjustments and enhance its model picture by means of strengthened experience and a simplified decision-making system,” including, “Specifically, the brand new holding firm, HS Hyosung, is predicted to pursue numerous new companies and mergers and acquisitions equivalent to mobility and eco-friendly supplies. “We’ll develop into a worldwide top-tier firm by means of M&A, and so forth.,” he stated.

After the demise of Honorary Chairman Cho Seok-rae, the inheritance course of for an impartial administration system between brothers was additionally accomplished.
Chairman Cho’s stake in Hyosung Co., Ltd. elevated from 22.59% to 33.03%, and Vice Chairman Cho’s stake in Hyosung Superior Supplies elevated from 12.21% to 22.53%.

Reporter Park Hyeon-ik [email protected]

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2024-06-14 22:04:02