Emart Injects 500 Billion Won into Shinsegae Engineering & Construction for "Financial Structure Improvement"
Paid-in Capital Increase Planned to Support Operating Funds
240 Billion Won in Cash, 260 Billion Won in Kind
Emart to Contribute Land and Building of Myeongil Branch
Acquisition of 10 Million New Shares
Emart is launching a paid-in capital increase of 500 billion won to provide operating funds for its affiliate, Shinsegae Engineering & Construction, which is engaged in building construction.
Emart announced on the 14th that it will acquire an additional 10 million shares of Shinsegae Engineering & Construction for 500 billion won.
The acquisition will be carried out through a combination of cash and in-kind contributions: 240 billion won in cash and 260 billion won in kind. For the in-kind contribution, Emart will contribute the land and building of its Myeongil branch, and Shinsegae Engineering & Construction will issue new shares, all of which will be acquired by Emart. The payment date for the new shares is set for June 25.
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Emart explained that the purpose of this share acquisition is "to secure operating funds and improve the financial structure."
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