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| Yongjin Chung, Chairman of Shinsegae Group. (Photo = Shinsegae Group) |
[Alpha Biz= Kim Jisun] E-Mart announced on Tuesday that it now fully owns the shares of Shinsegae Construction, making the company a wholly owned subsidiary.
As previously planned, Shinsegae Construction will proceed with the delisting process.
The trading of Shinsegae Construction shares has been suspended since January 31, and will remain halted until February 21. The official delisting date is expected to be either at the end of this month or early next month, following consultations with relevant authorities.
To address Shinsegae Construction’s liquidity issues and facilitate a swift management recovery, E-Mart had initiated a tender offer for the company’s shares and voluntarily pushed for its delisting.
By securing 100% ownership of Shinsegae Construction, E-Mart aims to establish a more efficient decision-making structure. This move is seen as part of E-Mart’s commitment to quickly implement a business restructuring focused on profitability and develop long-term business strategies.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
