Samkwang Glass 3-Company Merger Corporation to Launch at the End of October

[Asia Economy Reporter Moon Hyewon] Samkwang Glass announced on the 2nd that the Financial Supervisory Service has given final approval for the securities registration statement submitted for the merger and spin-off merger, following a board meeting held on the 13th of last month.

If the merger and spin-off merger are approved at the extraordinary general meeting of shareholders scheduled for the 29th of this month, the merger and spin-off merger date will be the 31st of next month, transforming Samkwang Glass into a comprehensive energy company.

According to Samkwang Glass, the power generation energy business (currently Gunjang Energy), which will be the main business of the merged corporation, is a comprehensive energy company leading the Green New Deal. It has a stable business model supplying industrial steam to businesses within the Gunsan Industrial Complex and supplying electricity to the Korea Power Exchange. It records annual sales of around 500 billion KRW and EBITDA (operating cash flow) of about 150 billion KRW. Next year, the SMG Energy combined heat and power plant, which uses 100% renewable energy, will be additionally completed.

A Samkwang Glass official said, “Once this merger is completed, the merged corporation will enhance management transparency and efficiency and establish a system to respond quickly to external environmental changes. By unifying the investment sector under the merged corporation, it will enable efficient allocation of capital and integrate dispersed human and financial resources from each company, allowing us to focus our capabilities on securing business competitiveness, which is expected to increase the overall value of the group.”

Meanwhile, the record date for the new shares of the merged corporation is the 29th of next month, and the scheduled date for the delivery of new shares is November 19.

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