Mokpo City Completes Liquidation of Mokpo Daeyang Industrial Complex SPC

Successful Completion of Industrial Complex Development and Sales Project in 10 Years Since Establishment

Mokpo Daeyang Industrial Complex Co., Ltd., which was responsible for the development and sale of the Mokpo Daeyang Industrial Complex, has completed its liquidation process.

On the 7th, Mokpo City announced that Mokpo Daeyang Industrial Complex Co., Ltd., a special purpose corporation established for the development and sale of the Mokpo Daeyang Industrial Complex, held a shareholders' meeting on the 6th to approve the business settlement and completed the final liquidation process.

Mokpo Daeyang Industrial Complex Co., Ltd. was originally established in February 2012 to promote the project by signing a financial agreement with a financial institution (Korea Investment & Securities) and issuing asset-backed commercial paper (ABCP), rather than using local government budgets, for the project cost of 297 billion KRW for the development of the Mokpo Daeyang Industrial Complex.

The construction of the industrial complex began in February 2013, followed by the completion of construction in April 2016, and the final project completion in April 2017.

Mokpo Daeyang Industrial Complex Co., Ltd. held a shareholders' meeting on the 6th to approve the business settlement and is taking a commemorative photo.
[Photo by Mokpo City]

As a result, the initially planned project cost of 297 billion KRW was reduced to 272 billion KRW through interest rate reductions negotiated with financial institutions and cost savings by the construction company, POSCO Engineering & Construction, resulting in a total saving of 25 billion KRW. This was reflected in a 30,000 KRW per pyeong reduction in the sale price, which promoted the sale of the industrial complex.

Although there were significant concerns about low demand for sales, Mokpo City created a dedicated department for Daeyang Industrial Complex sales and engaged in activities to attract one company per department, with all staff taking the lead in sales efforts.

As a result, sales were completed in April last year, and the project loan was repaid at maturity, successfully achieving the corporation’s purpose, and the corporate dissolution registration was completed in October last year.

In the first half of this year, the final business settlement and related matters were completed, and on the 6th, a shareholders' meeting was held to approve the business settlement plan and finalize the liquidation of the corporation.

At the shareholders' meeting, Mayor Park Hong-ryul presented plaques of appreciation and commendations to shareholders who contributed to the successful liquidation of Mokpo Daeyang Industrial Complex Co., Ltd., and the shareholders collectively presented a plaque of merit to Mayor Park Hong-ryul.

Mayor Park Hong-ryul expressed his gratitude, saying, “Thanks to the cooperation with the shareholders, Mokpo Daeyang Industrial Complex Co., Ltd. was operated smoothly, and the development and sale of the Mokpo Daeyang Industrial Complex were successfully completed.”

So far, Mokpo Daeyang Industrial Complex has attracted 146 companies, secured investment contracts worth approximately 800 billion KRW, and created over 1,200 new jobs.

Panoramic View of Mokpo Ocean Industrial Complex [Photo by Mokpo City]

In particular, Daeyang Industrial Complex has attracted companies from the Seoul metropolitan area and Chungcheong region, and through the focused attraction of kim processing companies and the establishment of a seafood food export complex, it has been recognized as a hub for the seafood food industry.

Going forward, Daeyang Industrial Complex is expected to play a major role not only as a driving force for Mokpo’s economy but also as a center for renewable energy and logistics.

A city official stated, “As a result of efficiently operating and managing Mokpo Daeyang Industrial Complex Co., Ltd., we were able to successfully complete the development and sale of the industrial complex,” and added, “We will do our best to continuously manage the industrial complex and support resident companies in the future.”

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