Comprehensive logistics company SEBANG and projector manufacturer HyVISION SYSTEM announced on the 21st that they will exchange shares worth 4.5 billion won.
According to the Financial Supervisory Service's electronic disclosure system (Dart) on the 21st, SEBANG and HyVISION SYSTEM plan to dispose of 287,144 and 298,842 of their own shares, respectively, in an off-market transaction on the 25th. The amount for both companies totals 4.5 billion won.
The purpose of the disposal was announced as "strengthening strategic business cooperation, including in the secondary battery business." However, some have raised concerns that as a bill including "mandatory share buyback" is pending, exchanging shares to form friendly shareholders might be questionable.
Choi Jong-il, CEO of SEBANG, said, "We have created a foundation for closely tying interests through share exchange, enabling simultaneous advancement in research and development, sales, and investment."