Shinsegae Construction Resolves to Absorb and Merge Yeongrangho Resort
Temporary General Meeting for Merger Approval to Be Held on the 22nd of Next Month
Shinsegae Group's Shinsegae Construction has decided to absorb and merge Shinsegae Yeongrangho Resort to strengthen financial stability.
Shinsegae Construction announced on the 14th that the board of directors resolved to proceed with the absorption merger. The surviving company will be Shinsegae Construction, and Shinsegae Yeongrangho Resort will be dissolved. Shinsegae Construction explained that this decision is expected to enhance corporate competitiveness by expanding capital by approximately 65 billion KRW.
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Emart, the largest shareholder of both the merging and merged companies, currently holds 42.7% of Shinsegae Construction shares and 100% of Shinsegae Yeongrangho Resort shares. Upon completion of the merger, Emart's stake in Shinsegae Construction will increase from 42.7% to 70.46%. The extraordinary general meeting for merger approval will be held on the 22nd of next month, and the merger date is set for January 25 of next year.
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