I AM Lee Yeon Completes Management Takeover... "Starting Business Normalization"

[Asia Economy Reporter Hyunseok Yoo] IMI Yeon-i announced on the 1st that the acquisition contract for management rights by major shareholder Infinitytude has been completed.

Major shareholder Yeon-i Holdings signed a contract on the 14th of last month to transfer 20.1% of its shares to Infinitytude and five others. With the payment completed on the 29th of last month, the management rights of IMI Yeon-i have been transferred to Infinitytude.

A representative of Infinitytude stated, “The acquisition of IMI Yeon-i’s management rights has been completed stably, and we will do our best to normalize the company and secure liquidity before the regular shareholders' meeting.” He added, “We will focus all efforts on preparing new businesses and maximizing profits from the existing Surface Mount Technology (SMT) business.”

IMI Yeon-i is a specialized company responsible for substrate mounting of OLED, mobile LCD, and LED as a first-tier Samsung vendor including Samsung Display and Samsung Electronics. Its subsidiary, DS Powertech, supplies solar panel dedicated semiconductors to Renesas, a global power semiconductor company in Japan.

The new business in performance planning, promoted in 2019, is expected to turn around within this year due to COVID-19 vaccine administration and therapeutic development. According to company officials, the performance rights contract previously signed with Big Hit remains valid, and IMI International is discussing holding performances with other global artists, which is expected to significantly improve performance results.

IMI Yeon-i plans to diversify its business by launching new businesses this year while expecting an increase in sales from existing business divisions.

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