Edison EV Shareholders’ Meeting
“I have a financial plan in place.”
“I will wait for the results of the lawsuit, etc.”
Ssangyong(2,770 0.00%) Edison Motors Chairman Kang Young-kwon, who stood in front of shareholders after the acquisition was canceled, said on the 30th, “I feel like I want to go and kneel to anyone (if the deal can be saved),” and “I will do everything I can for the rest of the time.”
Chairman Kang attended the Edison EV held in Suwon, Gyeonggi Province on the same day.(11,600 0.00%)(Former Semisysco) After the regular general meeting of shareholders, a separate meeting was held and he said, “I have prepared all the financing plans, but (SsangYong Motor) suddenly (at Ssangyong Motor) came out like that (cancellation of the takeover contract) and I feel like I am in the back of my head.”
Edison EV is a subsidiary of Edison Motors, led by Chairman Kang, and has served as a ‘funding line’ in the process of Edison Motors’ acquisition of Ssangyong Motor. Chairman Kang attended the shareholders’ meeting as the CEO and chairman of Edison EV.
He said, “Financial investors and Edison EV, U&I(12,350 -21.84%) They have prepared a plan for financing the acquisition through others, and Ssangyong Motor was also aware of this,” he explained.
Edison Motors asked SsangYong to postpone the gathering of related people as it became difficult to pay the remaining 274.3 billion won except for the down payment of 30.5 billion won by the 25th, the due date for the balance payment, but Ssangyong Motor refused.
U&I, which was promoted by Chairman Kang to raise funds, was acquired by Edison EV last month and incorporated into the Edison Group. In addition to the funds raised through Edison EV, Chairman Kang has argued that it is possible to raise more than 100 billion won from the recently acquired U&I.
Edison Motors Chairman Young-kwon Kang speaks at the regular shareholders’ meeting held at the Edison EV headquarters in Suwon, Gyeonggi-do on the 30th. / Reporter Roh Jeong-dong
He said, “At the Ssangyong Motor Council meeting, I made unreasonable demands such as ‘resolve the wages that workers were not receiving, such as overtime pay within one year after the takeover,’ and they did not accept it. I heard the news that the contract was canceled,” he added.
Regarding the departure from the consortium formed for the acquisition of Ssangyong Motor by KCGI and Keystone PE, which had originally promised financial support as a financial investor, he said, “Financial investors such as KCGI have said that they will watch the situation in the future.” told
When asked by shareholders what would happen if the takeover of Ssangyong Motor was ultimately canceled, Chairman Kang said, “We are considering investing in battery cells for electric vehicles in the future or investing in companies that have related technologies. In addition, Edison Motors will produce necessary electric vehicle parts. Edison EV also has a plan to produce it.”
On the 29th, Edison Motors filed an injunction application with the Seoul Central District Court to suspend the effect of the cancellation of the Ssangyong M&A investment contract until the lawsuit is filed. They also requested that Ssangyong be prevented from withdrawing the 30.5 billion won already paid as a down payment.
Reporter Noh Jeong-dong, Hankyung.com dong2@hankyung.com
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