Sejong Medical Signs Management Rights Transfer Agreement with Time Investment
[Asia Economy Reporter Minwoo Lee] Sejong Medical announced on the 26th that four major shareholders, including Jeong Hyun-guk, have signed a management rights transfer agreement with Time Investment. The management rights will be transferred through a third-party allotment paid-in capital increase. At the upcoming extraordinary general meeting of shareholders in September, directors and auditors designated by Time Investment are expected to be appointed.
Time Investment will participate in the first and second rounds of the third-party allotment paid-in capital increase resolved by Sejong Medical on the 23rd. Through this process, 1,350,558 newly issued common shares worth approximately 12.5 billion KRW will be issued respectively.
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After the payment deadlines for the paid-in capital increase on the 25th of next month (first round) and September 10th (second round) are completed and the stock transfer agreement is executed, the major shareholder will change to Time Investment.
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