The Harim Group will launch a newly established company, 'Harim Food,' dedicated exclusively to its food business. The group has decided to separate the food business division from the existing Harim Industry and operate it as an independent entity responsible for food manufacturing, processing, and food ingredient distribution.
According to the Financial Supervisory Service's electronic disclosure system on the 26th, Harim Industry held a board of directors meeting that day and approved a personnel spin-off by business division. Through this spin-off, Harim Industry will be divided into the surviving entity, 'Harim Industry,' which will focus exclusively on real estate development, and the newly established entity, 'Harim Food,' which will operate the food business.
Consequently, the surviving entity, Harim Industry, will concentrate its resources on the Seoul Yangjae Urban Advanced Logistics Complex Development Project, which is set to be fully launched soon, while the newly established entity, Harim Food, will take charge of food manufacturing and processing, food ingredient distribution, and food logistics operations.
Even after the spin-off, Harim Holdings will retain 100% ownership stakes in both Harim Industry and Harim Food. There will be no changes to Harim Holdings' corporate governance structure or shareholder equity ratios, nor will there be any impact on performance or asset structure under consolidated financial statements.
Harim Industry is scheduled to complete the spin-off process by December 1, following a shareholders' meeting resolution on the upcoming 27th.
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