Quro Changes Company Name to KIB Plug Energy... "Restructuring Business Focus on Energy"

Quro announced on the 3rd that it will hold an extraordinary general meeting of shareholders on the 13th to discuss agenda items including a company name change, director appointments, and amendments to the articles of incorporation. The new company name will be ‘Kib Plug Energy Co., Ltd.’, and a total of eight directors and auditors will be appointed.

Quro will restructure its business and organization to focus on energy by adding new business objectives and removing non-business areas. The newly added business objectives include ▲ installation and operation of hydrogen production facilities and hydrogen fuel supply facilities ▲ production, supply, and sales of hydrogen fuel ▲ waste collection, treatment, and utilization ▲ fuel cells and renewable energy businesses.

The organizational structure has been reorganized into three groups: Energy Production, Energy Equipment, and Energy Commercialization. The Energy Production Group will pursue vertical integration from hydrogen production to power generation. To this end, it will unify the entire process from securing basic raw materials for hydrogen production using waste to electricity generation. The Energy Equipment Group will be responsible for manufacturing hydrogen production processes and power generation facilities, as well as process equipment for secondary battery recycling business. The Energy Commercialization Group plans to expand related businesses by acquiring companies that produce parts or materials for hydrogen vehicles, electric vehicles, and other energy-using products.

Quro is a company with world-class technology in the field of chemical mechanical equipment and is currently focusing on strengthening networks with domestic and international engineering firms to expand overseas orders. In particular, it is concentrating its sales efforts on Middle Eastern and Asian countries where large-scale orders are expected.

A representative from KIB Private Equity (KIB PE) stated, “The new company name reflects our intention to reorganize into an energy-centered business model based on our existing core technologies in large-scale mechanical equipment and pressure vessels. We will promote policies prioritizing shareholder value, including the introduction of quarterly dividends and expansion of dividend payout ratios, along with fair distribution of contributions to employees.”

They added, “We will do our best to ensure that the market fairly evaluates our corporate value through active investor relations (IR) activities.”

Meanwhile, KIB PE signed a stock purchase agreement in May to acquire management rights of Quro. KIB PE and a special purpose company (SPC) established by KIB PE will acquire all shares held by the existing largest shareholder Qurocom, as well as those held by Genco, Q Capital Partners, and Quro F&B.

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