KT VP, HooHoo & Company Absorption Merger "Entering B2C New Business"

[Asia Economy Reporter Lim Hye-seon] KT Group's VP, which provides credit card payment authentication and business-to-business (B2B) commerce services, announced on the 13th that it held an extraordinary general meeting of shareholders and decided to absorb and merge WhoWho & Company. WhoWho & Company is a subsidiary of KT CS that offers the free app 'Who Who,' which blocks spam texts and voice phishing numbers. The merger ratio is 1 to 0, and no new shares will be issued due to the merger. The merger date is July 1.

After the merger, VP plans to utilize the application channels owned by WhoWho & Company to establish a foundation for entering new business areas of business-to-consumer (B2C) transactions. By leveraging the database (DB) of approximately 8 million 'Who Who' app users, VP expects synergies in various areas such as expanding subscription service enrollment channels like secure payment and new commerce based on data marketing.

Kim Jin-guk, CEO of VP, stated, "WhoWho & Company achieved an operating profit of 540 million KRW in the first quarter of this year, marking its first quarterly profit since establishment and securing financial stability." He added, "Through the merger, we will strive to discover new synergies and continuously improve the quality of the WhoWho service."

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