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Photo = Yonhap news |
[Alpha Biz= Kim Jisun] Cosmetic brand Nature Republic has acquired Ssangyong Wool.
According to the beauty industry, Nature Republic announced on January 20th that the largest shareholder of Ssangyong Wool would be changed from the existing Gwanglim to its subsidiary, World Prime Development.
World Prime Development, a real estate leasing company in which CEO Jeong Un-ho holds a 40% stake, acquired 632,297 shares of Ssangyong Wool from Gwanglim for 7 billion KRW, securing a 12.04% stake.
World Prime Development is classified as a subsidiary of Nature Republic.
However, some have raised concerns about the acquisition process, pointing out that World Prime Development's cash assets were only 870 million KRW at the end of 2023. Additionally, before the shareholder change agreement, Nature Republic issued 7 billion KRW worth of convertible bonds (CB) to World Prime Development, which were used to repay a loan. The CB issuer, BB1 Investment, is known to be an investment fund under KH Group.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
