 |
Photo=Shinsegae Engineering & Construction |
[Alpha Biz= Paul Lee] E-Mart announced plans to inject a total of KRW 500 billion into its wholly owned subsidiary Shinsegae Engineering & Construction to improve its financial structure and stabilize operations.
According to a regulatory filing on May 14, E-Mart will participate in Shinsegae E&C’s rights offering with a combination of KRW 240 billion in cash and KRW 260 billion in in-kind contributions.
The in-kind contribution will consist of land and buildings associated with E-Mart’s Myeongil store. The assets, valued at KRW 260 billion based on an appraisal, will be transferred to Shinsegae E&C in exchange for newly issued shares.
Through the combined cash and asset injection, E-Mart will acquire 10 million common shares of Shinsegae E&C. The cash contribution is scheduled to be completed on June 25.
E-Mart stated that the move is aimed at enhancing Shinsegae E&C’s capital base, improving its financial structure, and strengthening management stability, ultimately boosting market confidence and supporting sustainable business operations.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
