Zico Initiates Legal Action Against Former Major Shareholder Kodako and Others

[Asia Economy Reporter Park Ji-hwan] Zico announced on the 19th that it has decided to take legal actions such as provisional seizure against Kodako Corporation, the former largest shareholder and current second-largest shareholder, and former CEO Mr. In.

The lawsuit amount is at least 10 billion KRW, covering losses incurred before and after Zico's acquisition of the corporation up to the present.

In addition to the 40 billion KRW convertible bonds increase announced on the 17th, Zico is currently proceeding with the issuance and payment of convertible bonds worth 15 billion KRW soon. This will raise a total of 55 billion KRW in funds.

First, 20 billion KRW will be used for financial structure improvement procedures as operating funds. The remaining 35 billion KRW will be used to acquire related material stocks such as automobiles. Zico explained that the expected sales from this acquisition will exceed Zico's 2018 revenue of 79.6 billion KRW.

A Zico official stated, "The funds raised through the upcoming convertible bond issuance can be used for the purpose of acquiring stocks of other corporations," adding, "Improving the financial structure and acquiring other corporations to fundamentally increase the company's corporate value is the main business focus this year."

This content was produced with the assistance of AI translation services.