Polaris Office Announces 2 Billion KRW Capital Increase Targeting Executives... "Expressing Commitment to Responsible Management"

[Asia Economy Reporter Jang Hyowon] Polaris Office, a company specializing in office software (SW), announced on the 23rd that it has decided on a third-party allotment paid-in capital increase worth approximately 2 billion KRW.

This paid-in capital increase involves participation from Chairman Jo Seongwoo of Polaris Group and CEO Ji Jungkyung of Polaris Office. The purpose is to secure operating funds, with the payment date set for April 28. Based on a firm commitment to responsible management, Chairman Jo Seongwoo and the management team are participating in the capital increase.

After participating in the capital increase, Chairman Jo Seongwoo’s shares in Polaris Office will total 5,781,711 shares, including 4,865,938 shares convertible from Polaris Office convertible bonds (CB), making him the potential largest shareholder. Including related parties, they will hold a total stake of 24.44%.

A company official stated, “We will continue responsible management centered on Polaris Office and Polaris Group companies,” and added, “The secured funds will be used to strengthen the company’s business capabilities.”

Polaris Office has significantly expanded its business areas as non-face-to-face work environments have become routine. Profitability has also greatly improved, recording an operating profit of approximately 2.4 billion KRW on a consolidated basis last year, successfully returning to profitability.

In particular, it is explained that the business foundation is being strengthened centered on the global office SW 'Polaris Office,' which has 115 million users worldwide. Using the ‘Polaris Office’ platform, the company is actively expanding its business areas into OTT (online video services), commerce, blockchain, and more.

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