Emart to Acquire Shinsegae Food.. Delisting Push (Supplement)

Emart is moving towards the privatisation of its affiliate Shinsegae Food.

Emart announced on the 15th that it has submitted a public purchase report and will conduct a public purchase of 1.47 million shares of Shinsegae Food, approximately 37.89% of the total shares.

This accounts for all of the publicly traded shares. Prior to this, Emart decided to buy all 330,000 shares (8.6%) of Shinsegae Food held by its affiliate Chosun Hotel & Resort through an off-hours block trade on the 16th.

If the public purchase proceeds as planned, Emart will secure 93.37% of Shinsegae Food's shares.

The public purchase price is set at 48,120 won per share, which is a 20% premium over the closing price on the 12th. The scale of the public purchase is 70.6 billion won.

Emart also decided to apply this price when acquiring shares from Chosun Hotel & Resort.

Prior to this, in February, the Shinsegae Group delisted Shinsegae Construction through a public purchase.