Hyosung Group Restructures into Two Holding Companies... "Strengthening Independent Management"
Hyosung Group is reorganizing into a two-holding company system by promoting the establishment of a new holding company centered on advanced materials.
Hyosung Co., Ltd. announced on the 23rd that its board of directors resolved a division plan to establish a new holding company, Hyosung New Holding Co., Ltd., by splitting the investment sector of six companies including Hyosung Information Systems (HIS) centered on Hyosung Advanced Materials.
Accordingly, Hyosung Group will go through the company division approval process at an extraordinary general meeting of shareholders in June, and will be reorganized into a two-holding company system consisting of the existing company, Hyosung Co., Ltd., and the newly established company, Hyosung New Holding Co., Ltd., effective July 1.
The division ratio of Hyosung New Holding Co., Ltd. is 0.82 for Hyosung Co., Ltd. to 0.18 for Hyosung New Holding Co., Ltd. based on net asset book value.
Hyosung Group aims to strengthen responsible management by each holding company through this division and to establish a rapid decision-making system that can respond swiftly to the rapidly changing business environment.
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Chairman Cho Hyun-jun plans to strengthen responsible management of existing operating companies, while Vice Chairman Cho Hyun-sang will take charge of Hyosung New Holding Co., Ltd. and focus on solidifying the foundation of operating companies with growth potential, including the global advanced materials business.
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