Haitai Confectionery Sells Ice Cream Business to Binggrae for 140 Billion KRW...

[Asia Economy Reporter Jang Sehee] Haitai Confectionery has decided to sell its ice cream business to Binggrae.

Haitai Confectionery announced on the 31st that it has sold its subsidiary Haitai Ice Cream to Binggrae.

The shares acquired by Binggrae are 1 million common shares, representing 100% of Haitai Ice Cream, with an acquisition amount of 140 billion KRW.

Binggrae stated, "Haitai Ice Cream is a corporation newly established by Haitai Confectionery & Foods in January this year through a physical division of the ice cream business division," and added, "The final acquisition timing will be decided once the details are confirmed."

Haitai Confectionery said, "To strengthen the competitiveness of Haitai Ice Cream, we reviewed various options including investment attraction, strategic alliances, and share sales," and added, "Since the division, we have received active acquisition offers from multiple investors, leading to the decision to sell management rights."

Meanwhile, Haitai Confectionery plans to use the funds from the sale for debt repayment and new equipment investment at its snack factory.

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