Shinhan No.5 SPAC Passes Shareholders' Meeting for Merger with MFM Korea

Published 10 Nov.2020 15:41(KST)

Name Changed to MFM Korea... Scheduled for KOSDAQ Listing at the End of December

[Asia Economy Reporter Eunmo Koo] Shinhan No.5 SPAC will merge with MFM Korea, a company specializing in clothing manufacturing and export.

Shinhan No.5 SPAC announced on the 10th that the merger proposal was approved as originally planned following the extraordinary general meeting of shareholders. Accordingly, Shinhan No.5 SPAC's corporate name will be changed to MFM Korea, and it is scheduled to be listed on the KOSDAQ market on the 30th of next month.

At the extraordinary general meeting of Shinhan No.5 SPAC held that day, shareholders holding 36.7% of the total shares attended and approved the merger proposal with 100% consent. At the extraordinary general meeting of MFM Korea held on the same day, 95.4% of shareholders attended and 100% expressed approval, passing the merger proposal.

Peter Dosung Ahn, chairman of MFM Korea, stated, “I believe the shareholders of both companies approved the merger at the general meeting because they recognized MFM Korea’s competitiveness and growth potential,” adding, “We will secure growth momentum through new business investments and continue to grow as a strategic partner of global retail brands.”

Shinhan No.5 SPAC and MFM Korea will go through the stock purchase request period from today until the 30th and plan to complete the merger process by mid-December. The listing date of the new shares from the merger is scheduled for December 30.