Polaris Office Converts Remaining CB of Major Shareholder to Stocks in Full... Strengthening Management Control

Polaris Office announced on the 17th that it has converted the entire remaining amount of the 3rd tranche convertible bonds (CB) worth 770 million KRW held by the special related parties of the largest shareholder into shares.

As a result, all previously issued CBs of Polaris Office have been converted into shares.

Following the exercise of the conversion rights this time, the shareholding ratio of Chairman Jo Seong-woo of Polaris Office Group, the largest shareholder, and his special related parties will increase from a total of 24.09% to 28.17%.

The management of Polaris Office Group is strengthening its control to enhance corporate value through responsible management. Chairman Jo exercised his conversion rights in July last year to become the largest shareholder, and since then, he has continuously acquired additional shares through on-market purchases and paid-in capital increases.

A representative of Polaris Office stated, "With the acquisition of shares by the major shareholder, the CB overhang (large volume release) issue has been resolved, and management stability has been further strengthened. Polaris Office Group, which achieved strong performance last year through company-wide efforts, is focusing its capabilities this year as well on discovering future growth engines and enhancing competitiveness."

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