Harim Holdings Co., Ltd. to Spin Off Subsidiary’s Food Business, Form ‘Harim Foods’ [Disclosure]

[Financial News] Harim Industrial, a subsidiary of Harim Holdings Co., Ltd., will spin off its food business division to establish a separate company. The move is aimed at improving management efficiency by separating its real estate development and food businesses.
According to the Financial Supervisory Service’s Data Analysis, Retrieval and Transfer System (DART) on the 26th, Harim Holdings Co., Ltd. disclosed that it had decided that day to spin off Harim Industrial’s food business division and establish a new company tentatively named Harim Foods.
After the split, Harim Industrial, the surviving company, will handle the real estate development business, while the newly established Harim Foods will take over the existing food business. The split ratio is 46.20% for Harim Industrial and 53.80% for Harim Foods. The new company’s total assets were set at approximately 579.2 billion won, and its total equity at 520.3 billion won.
The split is scheduled for December 1. Harim Industrial will hold a shareholders’ meeting on the 27th, and the creditor objection procedure is scheduled to run from the 28th through November 30. The split registration is planned for December 3.
Harim Holdings Co., Ltd. explained, “This is intended to enhance the expertise of each business and strengthen efficient resource allocation and responsible management by separating the real estate development and food businesses.”
Meanwhile, Harim Industrial is a major subsidiary of Harim Holdings Co., Ltd., with total assets of approximately 2.4522 trillion won. This represents 14.42% of Harim Holdings Co., Ltd.’s consolidated total assets. The newly established Harim Foods will be an unlisted company, with no plans for a separate listing.

[email protected] Im Sang-hyeok Reporter