Global Tax Free "Expanding Business Areas Through Domestic and International M&A Based on 84 Billion KRW Cash"

[Asia Economy Reporter Hyunseok Yoo] Global Tax Free (hereinafter GTF), the number one tax refund company in Korea, is focusing on the domestic and international M&A markets to secure additional growth engines. It is understood that GTF currently holds 84 billion KRW in cash assets.

On the 24th, at the shareholders' meeting, Kang Jinwon, CEO of GTF, met with shareholders and said, "We are reviewing domestic and international M&A from the perspective of maximizing synergy with existing businesses and thorough profitability," adding, "Although the global tourism industry is expected to remain sluggish for the time being due to the recent COVID-19 situation, we will continue to expand our business areas through various new businesses and additional overseas market entries."

So far, GTF has prepared a growth leap through domestic and international M&A. Last year, by acquiring the tax refund business division of KTIS, the second-largest domestic tax refund operator, GTF raised its domestic market share to the mid-60% range. Additionally, GTF currently has wholly-owned local subsidiaries in Singapore, Japan, and the United Kingdom, and through its UK subsidiary, it acquired the French tax refund company Simply Tax Free SARL last year, expanding its business area to Europe, the largest tax refund market, thereby growing its scale.

Last year, GTF recorded sales and operating profit of 59.8 billion KRW and 6.9 billion KRW, respectively, marking a 44% and 895% increase compared to the previous year, achieving a significant performance improvement. Although the number of foreign tourists visiting Korea also increased compared to the previous year, the acquisition of KTIS's tax refund business division was analyzed to have been a key factor in the performance improvement.

Meanwhile, at this shareholders' meeting, a total of seven agenda items were passed, including the approval of the 2019 financial statements, the appointment of inside directors CEO Kang Jinwon and Vice President Lee Myungyong, outside director lawyer Cho Sungkyu, and the appointment of full-time auditor Sung Sijong.

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