Paik Jong-won, CEO of The Born Korea, said on the 31st that the company is reviewing various options to achieve mergers and acquisitions (M&A) results that can produce the greatest synergy with its business portfolio starting this year.
At the regular shareholders meeting held at the Singok Building in Seocho-gu, Seoul, that day, Paik said the company would pursue aggressive M&A based on careful review with business synergy in mind, and stated accordingly.
Paik then emphasized the overseas business that has been underway since last year. He said, "We will focus on targeting overseas markets for global expansion. Based on our global B2B (business-to-business) sauces, we are engaging in meaningful business exchanges with local corporations in North America, Southeast Asia and Europe," and added, "This year, we plan to strategically enter new overseas hubs with one or two competitive core brands."
He went on to say, "In Korea, we will focus on sales growth through new businesses and policies to energize franchisees," adding, "To that end, we are pushing new businesses such as a kitchen solution B2B platform business, food service business and diversification of distribution products."
Paik also presented a plan to build a virtuous cycle model that extends to shareholders and franchisees. He said, "We will create a virtuous cycle model in which revenue from overseas businesses and new domestic businesses is invested in domestic franchisees, and the revenue obtained from energizing franchisees is reinvested in research and development (R&D) to help activate overseas and new businesses." He added, "We have proactively established a win-win committee in which the brand owners council and outside experts participate, and by holding up to the fifth meeting, we are looking in the same direction and continuing efforts to solve practical problems rather than conflict."
Lastly, Paik addressed the various controversies surrounding The Born Korea last year, saying, "We will make sure that shareholders and store owners do not suffer the same damage again due to a lost year like last year," and added, "We will hold to account to the end, through legal means, certain YouTubers and online users and groups who repeatedly engage in defamation and attacks with malicious intent." He also emphasized, "We will do our utmost to show that attacking corporations without fact-checking can lead to severe punishment."
Meanwhile, at the regular shareholders meeting that day, all agenda items were approved as originally proposed, including: ▲ approval of the 32nd-term financial statements (including the statement of appropriation of retained earnings) and consolidation financial statements ▲ partial amendments to the articles of incorporation ▲ appointment of directors ▲ appointment of outside director Yoo Hyo-sang as a Commissioner to the audit committee ▲ approval of the limit on directors' remuneration ▲ approval of the grant of stock options as previously resolved by the board of directors.