DI Dongil announced on the 25th that it will absorb and merge its subsidiary Dongil Aluminum, which operates in the aluminum business. DI Dongil shareholders have continuously requested the absorption merger of Dongil Aluminum.
DI Dongil stated through the announcement on the same day, "It is expected that enhancing growth and profitability through streamlining investment capabilities will result from the restructuring of the business due to the integration."
DI Dongil passed an amendment to the articles of incorporation at the regular shareholders' meeting held on the 28th of last month at the Textile Center in Gangnam, Seoul, to add the manufacturing, processing, and sale of aluminum products as a business purpose. The articles were changed in advance for the absorption merger with Dongil Aluminum. DI Dongil owns 99.8% of the equity in Dongil Aluminum.
Starting from the 12th to the 26th of next month, after receiving opposition notices to the merger, the board of directors will gather on the 27th to vote on whether to approve the merger. If the board approves, the merger date will be August 1.