Dongwon Group will be restructured, with Dongwon Industries emerging as the new holding company of the group. Dongwon Group submitted to the Korea Exchange on May 7 an application to have the listed Dongwon Industries absorb the unlisted Dongwon Enterprise, the current holding company of the group.
If the merger process is completed successfully, Dongwon Industries will be the holding company of Dongwon Group’s businesses by consolidating Dongwon Enterprise.
Subsidiaries of the group such as StarKist, the No.1 canned tuna brand in the United States, and Dongwon LOEX Co. will be subsidiaries of Dongwon Industries.
Dongwon Industries and Dongwon Enterprise held their respective meeting of the board of directors on May 18 and decided to change the merger ratio between Dongwon Industries and Dongwon Enterprise to 1:2.7023475 instead of the ratio of 1:3.8385530.
Dongwon Industries President Lee Myung-woo and Dongwon Enterprise President Park Moon-suh will head the business sector of the merged Dongwon Industries and the holding company sector, respectively.
Common shares with a face value of 5,000 won each will be changed into 1,000-won shares, raising share volumes and liquidity.
Dongwon Group said the merger will nimbly cope with rapidly changing outside business environment and stimulate management through spurring of investments by simplifying its corporate governance.
It is also expected to raise corporate values by maxing out shareholders’ profits and ramp up compliance by inaugurating an inside control committee.
Dongwon Group started when Honorary Chairman Kim Jae-chul founded Dongwon Industries, a deep-sea fishing company, in 1969.
Dongwon Industries expanded its business turf to the food processing business by releasing canned tuna products in 1982.
The company has been engaged in four core businesses: fisheries, food, packing materials and logistics.
Dongwon Group established Dongwon Enterprise in 2001 to transit into a holding company structure. Korea Investment & Securities Holdings was established in 2003 to be spun from Dongwon Group.
Dongwon F&B held the marathon “Tuna Run” in cooperation with Korea Branch of the Marine Stewardship Council (MSC) on the occasion of World Tuna Day. (Photos: Dongwon F&B)
Dongwon F&B Hosts ‘Tuna Run’ on Occasion of World Tuna Day
Dongwon F&B held the marathon “Tuna Run” in cooperation with Korea Branch of the Marine Stewardship Council (MSC) on the occasion of World Tuna Day, which fell on May 2.
MCS is an independent non-profit organization which sets a standard for sustainable fishing. The event was designed to raise consumers’ awareness toward MSC-certified tuna, caught under a standard for sustainable fishing.
An image of “Dongwon MSC-certified Skipjack Tuna,” released by Dongwon F&B last year.
Dongwon F&B released “Dongwon MSC-certified Skipjack Tuna” last year.
The company produces the products made with tuna caught for sustainable fishing and transparently manages all process ranging from the production of canned tuna to distribution and sales.
Tuna Run is dividing into a 4 km-long and a 5.2 km-long marathon course in celebration of the 40th anniversary of the launch of Dongwon Tuna and the fourth anniversary of the establishment of MSC Korea Branch on the occasion of World Tuna Day on May 2.
Participants are required to certify their run at the social network service after completing 4 km or 5.2 km via a distance measuring app during the period between May 2 and May 22.