Cho Chang-geol, Honorary Chairman of Hanssem, Signs Stock Purchase Agreement with IMM PE

[Asia Economy Reporter Jin-ho Kim] Hanssem, the number one company in the furniture industry, announced on the 25th that its founder and largest shareholder, Honorary Chairman Cho Chang-geol, has signed a stock purchase agreement to sell his shares and those of seven related parties to the private equity firm IMM Private Equity (IMM PE).

This agreement involves the transfer of all common shares held by Chairman Cho and the seven related parties, along with the management rights. The shares being sold amount to 6.52 million common shares, representing 27.7% of the total shares, with a purchase price of 1.4513 trillion KRW.

The buyer is IMM Rose Gold 4 Private Investment Partnership, established by IMM PE. Hanssem plans to complete the stock transaction by the end of this year after board and extraordinary general meetings.

Hanssem stated, "The closing date of the transaction is the scheduled date for payment receipt and share delivery as per the stock purchase agreement and may be subject to change," adding, "We will re-disclose information once the change of the largest shareholder is finalized."

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