This article was displayed on the ChosunBiz MoneyMove (MM) site at 3:57 p.m. on Jul. 10, 2026.
On the KOSDAQ last month, Chief Executive Kim Woo-joo, who became the new largest shareholder of Foodnamoo(290720), was confirmed to be the son of Chairman Kim Young-jun of E Group (formerly Ewha Group). E Group had three listed companies delisted at once due to Chairman Kim Young-jun's embezzlement and breach of trust, but it is still active in the capital market and continuing investments in listed companies. This acquisition of Foodnamoo appears intended to maintain influence in the capital market by putting forward the chairman's son.
According to the Financial Supervisory Service's electronic disclosure system and the capital market industry on the 10th, Chief Executive Kim Woo-joo acquired Foodnamoo with the entire acquisition funds provided by E Group. In the industry, there is a skeptical view of Kim's fundraising process. Due to the family relationship with Chairman Kim, group funds were provided, they said.
On the 8th of last month, Kim became the largest shareholder by purchasing 28.63% out of the 52.23% equity in Foodnamoo held by the previous largest shareholder, Onhill Partners. In the process, Kim borrowed and paid the entire purchase funds of 22.5 billion won from a place called Innoface. Innoface is a subsidiary wholly owned by Ehwa Technologies Information (formerly Ehwa Electric), an affiliate of E Group. The collateral rights to about 10 million shares of Foodnamoo stock held by Kim are held by Innoface.
Observers cite Kim's family relationship with Chairman Kim Young-jun as the background that enabled a no-capital M&A of Foodnamoo by mobilizing E Group's funds. Chairman Kim is known as the de facto owner who controlled three listed companies held by E Group. He is on trial on charges of embezzlement and breach of trust related to affiliates, was released on bail in 2023, and the trial is currently proceeding without detention.
Since Chairman Kim's release on bail, E Group has been moving to invest in listed companies one after another. Following MiCo Biomed (now Rolling Stone) in mid-last year, it showed seemingly robust steps by pushing to acquire another KOSDAQ corporations, Company A, at the end of the same year. Although the financial authorities have been strengthening responses to capital market crimes since the launch of the Lee Jae-myung administration, Chairman Kim's side has not seemed to care.
Rolling Stone faced delisting procedures after receiving a disclaimer of opinion in last year's audit report as soon as E Group took it under its wing, and its ties with Company A were cut off after management control was sold again.
Although this Foodnamoo investment put the chairman's son at the forefront, analysis suggests it should be seen as Chairman Kim's attempt at a comeback, since the actual funds were provided by E Group.
A capital market industry official said, "E Group has recently shown moves to secure listed companies that can conduct transactions, so it appears to have acquired Foodnamoo with the same intention," adding, "However, given Chairman Kim's legal risk, it seems they put his son forward."
E Group's funds have been flowing into Foodnamoo even recently. Early this month, Foodnamoo changed the target of a third-party allotment paid-in capital increase it had been pursuing from NewK Dream No. 1 to Innoface. E Group had been indirectly injecting funds into Foodnamoo through the chairman's son, but with this paid-in capital increase, it is moving on to direct investment. In addition, Kim Yu-seon, a related party of Chief Executive Kim, bought Foodnamoo's convertible bonds (CBs) over the counter in February, and later took out a loan for the entire purchase funds from Ehwa Technologies Information using the CBs as collateral.
In the industry, there are concerns that E Group may be abusing Foodnamoo as a funding window. In fact, after Rolling Stone was acquired by E Group, opaque fund lending and investments via partnership funds followed, leading to a disclaimer of opinion. An industry official said, "We will have to watch future fund flows, but given previous cases, the possibility of fund outflows does not appear small."