Ottogi Advances Corporate Governance... Absorbs Ramen and Logistics Holding Companies

[Asia Economy Reporter Eunmo Koo] Ottogi announced on the 18th that it has completed the advancement of its corporate governance structure by absorbing and merging Ottogi Ramyeon Holdings and Ottogi Logistics Services Holdings, reorganizing all affiliated companies except the listed company Johung into 100% subsidiaries.

The company explained that this corporate governance improvement is a restructuring of the shareholding structure into an advanced country model like that of the United States, aimed at enhancing management efficiency, competitiveness, and corporate transparency.

Ottogi stated that this corporate governance improvement not only actively practices ESG (Environmental, Social, and Governance) but also helps revitalize domestic agriculture and share Ottogi’s growth with more people through coexistence with farmers.

The advancement of corporate governance began in 2017 with the spin-offs of Ottogi SF, Sangmi Foods, and Poonglim P&P, followed by the absorption mergers of Sangmi Foods Holdings and Poonglim P&P Holdings in 2018. Last year, Ottogi Ramyeon was spun off, and this year, the process was completed with the absorption mergers of Ottogi Ramyeon Holdings and Ottogi Logistics Services Holdings.

Organizational Chart After Improvement of Otogi Affiliate Governance Structure (Domestic)

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