SSG.COM to Spin Off Lifestyle Business... Establishes New Entity 'Shinsegae Mall'

Shinsegae Group's e-commerce affiliate, SSG.COM Inc., will carry out an equity spin-off to separate its lifestyle business division and establish a new independent entity.

On the 27th, SSG.COM announced through a public disclosure that it has decided to spin off its entire lifestyle business division to establish a newly formed entity, 'Shinsegae Mall Co., Ltd. (tentative name).'

This spin-off will be conducted in the form of an equity spin-off, where existing shareholders are allocated shares of the newly established entity in proportion to their stake. The spin-off ratio is 0.6405002 for the surviving entity, SSG.COM, and 0.3594998 for the newly established entity, Shinsegae Mall.

After the spin-off, SSG.COM's capital will be reduced to approximately 14,053.55 million won, and the capital of the newly established Shinsegae Mall will be approximately 7,887.97 million won. Both entities will remain as unlisted companies.

The company explained that through the equity spin-off of each business division, it intends to establish an independent management system and allow them to focus on their core businesses, thereby strengthening business competitiveness.

SSG.COM plans to hold a general shareholders' meeting on October 30 and complete the procedure with the spin-off date set for December 1.