JSCO Holdings Completes Acquisition of Willings... "Will Create Synergy in Secondary Batteries and Renewable Energy"

[Asia Economy Reporter Jang Hyowon] J-Sco Holdings has successfully completed the acquisition process by paying the second transaction balance of 8.496 billion KRW for the acquisition of Willings, a solar energy specialist company. On the 1st, J-Sco Holdings announced that it acquired 568,000 shares of Willings from the former largest shareholder An Gangsoon and one other person, securing a 24.05% stake (1,368,000 shares).

J-Sco Holdings signed a stock and management rights transfer agreement in May to acquire a 24.05% stake (1,368,000 shares) from An Gangsoon, CEO of Willings, and related party Yoon Miran for approximately 30.1 billion KRW, aiming to enter the renewable energy business.

In June, J-Sco Holdings paid the first transaction balance of 14.6 billion KRW and acquired 800,000 shares of Willings, becoming the largest shareholder. Subsequently, on June 30, J-Sco Holdings held an extraordinary general meeting of shareholders and appointed three inside directors including the current CEO Choi Byunghwa, one outside director, and one auditor, thereby acquiring management rights.

A J-Sco Holdings official stated, “Although we succeeded in securing management rights of Willings through the first transaction, we were aware of market concerns about whether the second transaction could be completed as scheduled due to the relatively low shareholding ratio and recent stock price decline.”

He added, “As the largest shareholder, J-Sco Holdings has completed the payment of the balance this time, despite some schedule adjustments, to demonstrate its commitment to enhancing shareholder value and responsible management, successfully concluding the acquisition. The acquisition of the remaining shares has also stabilized management rights.”

Recently, J-Sco Holdings signed a business agreement with a secondary battery specialist company and is promoting entry into various secondary battery businesses using supercapacitors. The company expects related businesses to progress rapidly following the completion of the Willings acquisition.

According to J-Sco Holdings, the two companies are planning and promoting businesses centered on drone small battery business entry and renewable energy businesses such as solar power electric storage systems that can create synergy. To ensure successful business progress, the two companies plan to maintain close cooperation.

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