Appointment of Yang Hee-kwon as Chairman of Pelicana and CEO of Mr. Pizza
Temporary General Meeting Held on the 26th to Appoint Yang Hee-kwon as Representative Chairman of Pelicana
[Asia Economy Reporter Han Jinju] MP Group, which operates Mr. Pizza, held an extraordinary general meeting of shareholders on the 26th and appointed Yang Hee-kwon, chairman of Pelicana, as the CEO of Mr. Pizza.
MP Group was acquired last month by the private equity fund 'Almus-TRI Restructuring Investment Association No. 1.' Pelicana is the largest investor in this private equity fund.
The two companies agreed that the 10 million shares held by former MP Group chairman Jung Woo-hyun would be transferred to the private equity fund for 15 billion KRW, and that the private equity fund would invest 15 billion KRW through a paid-in capital increase of 30 million new shares. Upon completion of the capital increase, former chairman Jung's stake will be 27%, and the private equity fund's stake will increase to 40%.
The private equity fund plans to deposit the acquisition funds into an account under the name of an accounting firm and make payments in two installments.
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MP Group became subject to a substantial review of listing eligibility after former chairman Jung Woo-hyun was arrested and indicted in July 2017 on charges of embezzlement and breach of trust involving approximately 15 billion KRW. Trading of the company's shares has been suspended for three years since July 2017. After the delisting was confirmed in June, former chairman Jung decided to sell the management rights.
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