Military Mutual Aid Association Sells M Plus Asset Management to Apex Invest

Separation After 11 Years as a Subsidiary Since 2015

Expansion with Apex Invest into a Comprehensive Asset Management Firm

The Military Mutual Aid Association is transferring management control by selling a portion of its stake in M Plus Asset Management to Apex Invest.

On April 16, the Military Mutual Aid Association announced that it had passed the Financial Services Commission's review for eligibility as a major shareholder and is finalizing a transaction to sell 50% plus one share of its wholly owned subsidiary, M Plus Asset Management, to Apex Invest. Apex Invest is an investment company established by the existing shareholders of Apex Asset Management, specifically for the acquisition of M Plus Asset Management.

As a result, Apex Invest will secure the position of largest shareholder and managerial control of M Plus Asset Management, while the Military Mutual Aid Association will remain a major shareholder with less than 50% ownership. It is reported that both parties have signed a shareholder agreement that includes call and put option structures for major management matters to strengthen future cooperation.

Accordingly, Jung Sangik, the largest shareholder of Apex Invest, will assume the role of CEO of M Plus Asset Management as of today.

M Plus Asset Management is a real estate-focused asset management firm established in 2008. It became a subsidiary of the Military Mutual Aid Association in 2015 and has since operated businesses such as real estate funds, development projects, overseas alternative investments, and corporate finance (CF).

Apex Invest plans to expand as a comprehensive asset manager covering both real estate and equity operations by integrating with the equity fund assets and management personnel owned by Apex Asset Management.

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