[Alpha Biz= Reporter Kim Minyoung] HS Hyosung's newly established holding company, HS Hyosung, officially launched, marking the beginning of independent management by Chairman Cho Hyun-joon and Vice Chairman Cho Hyun-sang. There is keen interest regarding the timing of the conglomerate's division.

Vice Chairman Cho Hyun-sang, speaking to reporters before attending the "Korea-Vietnam Business Forum" at Lotte Hotel Seoul on July 1st, responded to questions about the possibility of division within the year by saying, "There will be an opportunity to speak soon," adding, "It won't be easy within the year."

Even after the event, he mentioned, "It seems it will take some time to proceed with the division as planned," noting, "The process is more complex than expected due to various intertwined ownership stakes."

Last month, Hyosung held a special shareholders' meeting and approved the "Proposal for Division." The existing holding company, Hyosung, will be led by Chairman Cho Hyun-joon, son of the late Honorary Chairman Cho Seok-rae, while the newly established holding company will be led by Vice Chairman Cho Hyun-sang.

Questions also arose about the investment areas HS Hyosung will focus on. Vice Chairman Cho mentioned, "Investments related to our portfolio will continue."

Regarding mergers and acquisitions (M&A), he stated, "It's one of the ways a company grows, so it's difficult to specify which areas we are targeting," adding, "M&A may or may not occur, and growth of the company isn't solely dependent on M&A."

The industry views Hyosung Group's restructuring into a two-holding-company system as part of the process of division.

Also notable at the "Korea-Vietnam Business Forum" event was the presence of Chairman Cho Hyun-joon, who attended alongside his brother, marking their initial step towards independent management as siblings. Vice Chairman Cho Hyun-sang, appointed earlier this year as the new chairman of the Korea-Vietnam Economic Cooperation Committee of the Federation of Korean Industries, has been actively enhancing his presence in the global arena, including engagements at the Davos Forum.

 

 

 

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