Hansol Education to Spin Off R&D and Finden Businesses... Establishes New Corporation 'Wonderworks Company'

Hansol Education (CEO Byun Doo-sung) is pushing forward with a physical spin-off of its research and development and Finden business divisions to establish a new corporation.

On the 25th, Hansol Education announced through a public disclosure that it will establish 'Wonderworks Company Co., Ltd. (tentative)' through a simple physical spin-off method in order to specialize the expertise and concentrate capabilities in the respective business divisions.

The newly spun-off company, Wonderworks Company, will be exclusively responsible for the development and sales of educational books, programs, and teaching aids. The surviving company, Hansol Education, will maintain its visiting education services and facility education businesses entirely as they are, and will hold 100% of the total issued shares of the new company.

As this division is being conducted as a simple physical spin-off, there will be no changes to the stake ratios of existing shareholders. The spin-off date is November 1, and the general meeting of shareholders for this purpose is scheduled to be held on October 15.

Hansol Education explained that it plans to enhance corporate and shareholder value by efficiently allocating management resources and securing external competitiveness through the specialization of each business division.