Asia
Woosung Concludes Merger With Unlisted Affiliate Woosung Distribution
Woosung (KRX:006980) absorbed unlisted affiliate Woosung Distribution via a merger, with Woosung remaining as the surviving entity, according to a Friday filing with the Korea Exchange.Woosung will issue treasury shares to Woosung Distribution shareholders at a merger ratio of 1 Woosung common share to 1.8702948 Woosung Distribution shares, with no new shares issued, the filing said.Following the merger, Jung Jun-seop is expected to become the largest shareholder with a 14.40% stake, but management control will remain unchanged as Jung is a specially related person of the firm's current largest shareholder Jeong Bo-yeon, it said.Shares of the livestock feed maker rose nearly 1% at market close.
KRX:006980
