Mesh Korea Completes Sale Process... hy Becomes Largest Shareholder

Fair Trade Commission Approves Mesh Korea-hy Merger Review
hy Completes Capital Payment and Securities Delivery... Acquires 66.7% Stake to Become Largest Shareholder
CEO Kim Hyeongseol: "Will Become an Icon for Venture and Startup Industry's Rebound"

The sale process of Mesh Korea (CEO Kim Hyung-seol), which operates 'Bureung,' has been completed. The sale to hy was finalized just before the commencement of rehabilitation proceedings, laying the groundwork for a new leap forward in the company's 10th anniversary year.

Mesh Korea announced on the 6th that the sale process to hy has been completed. Following the approval of the corporate merger with hy by the Fair Trade Commission on the 3rd, the company completed the acquisition and sale procedures between the two companies by issuing securities upon hy's payment for the capital increase.

As a result, hy invested a total of 80 billion KRW to acquire 66.7% of Mesh Korea's shares, becoming the largest shareholder. Mesh Korea plans to devote all efforts to a new leap forward after completing the sale process with hy. First, the company will focus on achieving the originally planned goal of turning a profit and will concretely devise synergy plans with hy.

Kim Hyung-seol, CEO of Mesh Korea, said, "Thanks to the combined efforts of shareholders, hy, and employees to normalize the company, we were able to complete the sale process," adding, "Having overcome a survival crisis once regarded as a barometer of the venture and startup industry's difficulties, we will strive to become an icon of industry resurgence."

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