Forever NK acquired all of the largest shareholder's equity in Kairos, which participated in Kwang Jin Industry's paid-in capital increase.
Kwang Jin Industry said on the 24th that on the 4th of last month a stock purchase agreement was signed to transfer Kairos' largest shareholder equity to Forever NK.
Through this deal, Forever NK acquired the full 40.4% equity held by Kairos' largest shareholder, Lee Gi-baek. Accordingly, Kairos will not be under the control of Lee Hong-heon and others, and Forever NK is the largest shareholder, it said.
This equity acquisition was decided as part of Forever NK's strong commitment to responsible management for Kwang Jin Industry's growth and creation of future value. Forever NK plans to become the largest shareholder by participating in Kwang Jin Industry's paid-in capital increases of 5 billion won and 3 billion won. By additionally securing equity through Kairos, it plans to lead Kwang Jin Industry's stable business execution and sustainable growth as the largest shareholder.
A company official said, "This Kairos equity acquisition is a normal management activity that was prepared in advance and carried out to stabilize Kwang Jin Industry's management and realize responsible management," and added, "We ask shareholders and investors not to be misled or confused by speculation about links to specific individuals."
The official added, "As a major shareholder, Forever NK will continue to prioritize responsible and transparent management, and will do its utmost to enhance Kwang Jin Industry's corporate value and protect shareholder rights."