SSANGBANGWOOL Group has decided to sell SSANGBANGWOOL and switch to independent management systems for each company. This marks the beginning of an effective dismantling process.
On the 4th, SSANGBANGWOOL Group announced that its subsidiary companies, including Kanglim and NS ENM, will pursue independent management through independent decision-making bodies. Accordingly, SSANGBANGWOOL will change its name to TRY.
Previously, last month, SSANGBANGWOOL was sold to beauty company Nature Republic. World Prime Development acquired 630,000 shares of SSANGBANGWOOL held by Kanglim for 7 billion won, securing a 12.04% equity stake. World Prime Development is classified as a real estate rental company, holding 40% of the shares owned by Jung Woon-ho, the CEO of Nature Republic.
After selling its main company SSANGBANGWOOL last month, the group currently consists of ▲Kanglim, a special vehicle manufacturing company ▲FUTURE CORE, a manufacturer of optical filters and hall sensors ▲VIVIEN, a women's underwear company ▲NS ENM, an entertainment company ▲DMOA, an IT distribution company, among others. Subsequently, on the 25th of last month, SSANGBANGWOOL changed the external structure of its headquarters building located in Sindang-dong, Jung-gu, Seoul from 'SSANGBANGWOOL Group' to SSANGBANGWOOL. The headquarters building located in Seobinggo-dong, Yongsan-gu, Seoul also removed the designation of 'Group.'
SSANGBANGWOOL Group has stated that the sale of SSANGBANGWOOL will expedite the resolution of ownership risks and normalization of management. The group was involved in controversy over the 'North Korea remittance case,' receiving allegations related to former Chairman Kim Seong-tae covering the costs for the Smart Farm support project promised by Gyeonggi Province to North Korea.
A representative of SSANGBANGWOOL said, 'With the sale of SSANGBANGWOOL, we have established an independent management system for each of our subsidiaries' and noted, 'We have effectively entered the dismantling process of the group.'