[Public Notice+] KR Motors "Chairman O Se-young's Stake Increases to 21.5%"

[Asia Economy Reporter Hyunseok Yoo] KR Motors announced on the 12th through a public disclosure that O Se-young, chairman of LVMC Holdings, has additionally acquired 7,188,418 shares of KR Motors (15.2% stake). As a result, Chairman O Se-young's stake increased to 21.5%.

This additional acquisition of shares by Chairman O Se-young was made by repaying the matured debt of SIB, the second largest shareholder of KR Motors, on behalf of SIB and acquiring the shares that SIB had provided as collateral. This is part of enhancing shareholder value and responsible management of KR Motors.

KR Motors has designated 2020 as the first year of turnaround and has already completed improving its profit structure through restructuring of the Changwon plant. The company plans to achieve two goals: increasing sales and securing profitability through domestic sales and export expansion of the China JV production model, which began operation in May last year, development of electric trucks with China’s Changan Automobile, and establishment of a joint venture for two-wheeler platform development with Barogo.

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