Hyunmax and Hyunmax Holdings are set to merge, transitioning to a single listing structure. This move aims to eliminate the dual listing framework and accelerate the restructuring of their mobility-focused business to enhance corporate value.
On July 2, the companies announced that their boards approved a plan for Hyunmax to absorb Hyunmax Holdings during meetings held on June 30.
The merger ratio is approximately 0.96 shares of Hyunmax common stock for each share of Hyunmax Holdings common stock, with the merger date scheduled for October 1. The process will be finalized following shareholder approval at a meeting on August 28.
This merger aims to simplify the governance structure by consolidating the previously separate holding and operating companies into a single listing. The decision is expected to provide a clearer reflection of the business restructuring's outcomes on corporate value. The company anticipates that it will proactively respond to enhanced listing maintenance requirements and strengthen communication with investors.
Hyunmax is expanding its automotive electronics and electric vehicle charging solutions (EVCS) business, leveraging the technological expertise gained from its set-top box operations, and is transitioning into a comprehensive mobility service provider. The company is building a portfolio that encompasses parking, electric vehicle charging (CPO), fleet services, and mobility platforms.
The mobility sector continues to show growth. Hyunmax Mobility, a key subsidiary, reported consolidated revenue of 63.4 billion won and operating profit in the first quarter of this year. The parking management subsidiary, Hi-Parking, operates approximately 290,000 parking spaces across over 1,400 locations nationwide, generating around 200 billion won in revenue last year. Hyunmax EV operates more than 20,000 chargers across the country and holds about 26% market share in Jeju. The company also offers mobility services such as car-sharing 'Turuka', 'Turutaxi', and 'Turudari'.
The company plans to integrate the enterprise artificial intelligence transformation (AX) design and implementation capabilities held by Hyunmax Holdings into its mobility business to enhance AI-based service competitiveness. This strategy aims to maximize business synergies by combining technological expertise, global sales capabilities, and AI technology.
Hyunmax CEO Jeong Chang-soo stated, "This merger marks a significant turning point in completing our ongoing business restructuring. We aim to enhance shareholder value and establish a sustainable growth foundation by consolidating our technological capabilities, global business expertise, and operational know-how."
* This article has been translated by AI.
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