Edison EV Shareholders’ Meeting
“I have a financial plan in place.”
“I will wait for the results of the lawsuit, etc.”
Ssangyong(2,770 0.00%) Edison Motors Chairman Kang Young-kwon, who stood in front of shareholders following the acquisition was canceled, said on the 30th, “I feel like I want to go and kneel down to anyone (if the deal can be saved).
Chairman Kang held the event in Suwon, Gyeonggi Province, on the same day. Edison EV(11,600 0.00%)(Former Semisysco) After the regular general meeting of shareholders, a separate meeting was held to say, “We have prepared all the financing plans (SsangyongIn), I felt like I was suddenly hit in the back of the head like that (the contract was canceled).”
Edison EVis a subsidiary of Edison Motors led by Chairman Kang, and Edison Motors has been SsangyongIt has served as a ‘funding line’ in the process of acquiring Chairman Kang at the shareholders’ meeting today Edison EV Attended as president and chairperson.
“Financial investors and Edison EV, You and I(12,300 -22.15%) We have prepared a plan for financing the acquisition through Ssangyong“They also knew this,” he explained, “(to convince the creditors) to postpone the meeting of the related parties through the sales manager.”
Edison Motors said it was difficult to pay the remaining 274.3 billion won, except for the down payment of 30.5 billion won, by the 25th, the balance payment deadline. Ssangyong I asked the side to postpone the meeting of the concerned people, but Ssangyongrejected this.
Chairman Kang promoted the financing You and IIs Edison EVThe company was acquired last month and incorporated into the Edison Group. Chairman Kang has been Edison EVIn addition to the funds raised through You and IIt has claimed that it is possible to raise more than 100 billion won in funding from
Edison Motors Chairman Young-kwon Kang speaks at the regular shareholders’ meeting held at the Edison EV headquarters in Suwon, Gyeonggi-do on the 30th. / Reporter Roh Jeong-dong
he “Ssangyong At the meeting of the delegates, they made unreasonable demands such as ‘to resolve the wages that workers were not receiving, such as overtime pay within one year following the takeover,’ and they did not accept it. Then, following that, bad news regarding Edison Motors came out in the media, and then I suddenly heard the news of the contract being cancelled.”
Kang Sung Wealth Fund (KCGI) and Keystone PE, which initially promised financial support as financial investors Ssangyong Regarding the departure from the consortium that was formed for the acquisition, he said, “Financial investors such as KCGI have said that they will watch the situation in the future.”
‘Ssangyong In response to a question from shareholders regarding what to do if the acquisition is ultimately canceled, Chairman Kang said, “We are considering investing in battery cells for electric vehicles in the future or investments in companies that have related technologies. Edison EVThere is also a plan to produce it.”
On the 29th, Edison Motors filed a complaint with the Seoul Central District Court. Ssangyong He filed an injunction requesting that the effect of the cancellation of the merger and acquisition investment contract be suspended until the main lawsuit is filed. In addition, 30.5 billion won already paid as a down payment Ssangyongrequested that they not be withdrawn.
Reporter Noh Jeong-dong, Hankyung.com dong2@hankyung.com
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