Harim Holdings will split its wholly-owned subsidiary, Harim Industries, into two divisions: real estate development and food business.
On October 26, Harim Industries announced that its board of directors approved a horizontal spin-off by business segment.
As a result of the split, the existing Harim Industries will be divided into a continuing entity focused on real estate development and a newly established company, Harim Foods, which will handle the food business.
Harim Industries plans to concentrate its efforts on the urban logistics complex project currently underway in Yangjae-dong, Seocho-gu, Seoul. The newly formed Harim Foods will be responsible for food manufacturing and processing, as well as food distribution and logistics.
After the split, both companies will continue to be 100% subsidiaries of Harim Holdings. Harim Holdings will maintain a 100% ownership structure in both the continuing entity and the newly established company, ensuring no changes to the parent company's governance structure or shareholder equity.
Harim Holdings stated that the spin-off will not affect the consolidated financial performance or asset structure.
Harim Industries plans to finalize the spin-off process by December 1, following a shareholders' meeting on October 27.
* This article has been translated by AI.
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