Kolon Group is moving quickly to turn Kolon Mobility Group into a wholly owned subsidiary.
According to the industry on the 11th, Kolon secured about 90% of Kolon Mobility common shares through a recently concluded tender offer. It plans to acquire the remaining equity in full through a small-scale comprehensive share swap on Dec. 17. With this, Kolon Mobility will be incorporated as a 100% subsidiary of Kolon and the delisting process will proceed.
Kolon secured 90% or more equity of Kolon Mobility Group common shares, meeting the requirement to pass a special resolution at an extraordinary shareholders meeting. In particular, Kolon emphasized that the high subscription rate in the tender offer provided justification for delisting.
Kolon's incorporation of Kolon Mobility Group as a wholly owned subsidiary was pursued to enhance ▲ the strategic integration of the group's automobile distribution business ▲ simplification of the governance structure ▲ business efficiency through faster decision-making. Through this, Kolon expects to contribute to long-term corporate value and shareholder value.
A Kolon official said, "The conversion of Kolon Mobility Group into a wholly owned subsidiary is a decision to maximize the efficiency of the mobility business at the group level and to strengthen execution for future growth strategies."