Ohheim INT and Samsung Must SPAC 3 Approval for Merger... December 'KOSDAQ' Listing

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[Asia Economy Reporter Kim Jong-hwa] Home furnishing specialized venture company Ohaim INT and Samsung Must SPAC 3 held shareholder meetings on the 5th and approved the merger agenda. Ohaim will complete the final procedures and be listed on the KOSDAQ market on the 24th of next month.

Ohaim will complete the merger process after the stock purchase right exercise period until the 25th. The merger date is scheduled for the 8th of next month.

Starting with the acquisition of the 'Lady Gagu' brand in 2016, Ohaim transitioned from a licensed brand operator to a branded furniture company. In the first half of this year, it recorded a 35% increase in sales compared to the same period last year, and achieved approximately 18.8 billion KRW in sales in the third quarter, setting a record high since its founding. Based on this trend, achieving the annual sales target of 76.7 billion KRW this year appears feasible.

Seo Jeong-il, CEO of Ohaim, stated, "We have secured both the quality and service level of large offline furniture brands and the price competitiveness unique to online furniture." He added, "After the merger, we will present a new Ohaim aiming to lead the online interior furniture market."

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