Dairy producer Binggrae to separate into holding and operating entities
Published: 22 Nov. 2024, 17:31
Updated: 22 Nov. 2024, 17:32
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- CHO YONG-JUN
- [email protected]
Korean food and dairy producer Binggrae will carry out an entity split, separating into a holding entity and an operating entity by May next year.
The decision was made during Binggrae’s board meeting on Friday.
The company will be split into Binggrae Holdings and Binggrae, with the official names subject to change.
Binggrae Holdings, as a holding company, will be in charge of business investment including the role of expanding the company’s overseas business and overseeing its subsidiaries, including Haitai Ice Cream — which the company acquired in 2020.
Binggrae will be the company responsible for the production and sales of dairy products.
“[Binggrae] will strengthen its business expertise and growth strategy to preemptively react to the changing market environments,” the company said.
Binggrae will also retire 1 million of its purchased shares, which accounts for 10.25 percent of its total stock issued, to increase shareholder value. The decision will be made at a future board meeting.
BY CHO YONG-JUN [[email protected]]
with the Korea JoongAng Daily
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