Sungkyunkwan Food Completes Comprehensive Stock Swap with Emart… Delisting on 23rd

Sungkyunkwan Food (031440), a food and distribution company, announced on July 23 that it has completed the comprehensive stock swap process with Emart, making Emart its wholly-owned subsidiary. The exchange was conducted under the Capital Markets and Financial Investment Act and Company Law. The exchange ratio was set at 0.5031313 shares of Emart common stock (par value 5,000 won) for every 1 share of Sungkyunkwan Food common stock (par value 5,000 won). The exchange date was July 23, 2026, with Emart set to issue 232,447 shares of its own stock as consideration on August 11, 2026. After the exchange, Emart's ownership of Sungkyunkwan Food common stock increased from 257,3339 shares (84.78% stake) to 303,5340 shares (100% stake). Chief shareholder Jung Yong-jin's ownership in Emart remained unchanged at 28.85% pre- and post-exchange. Stock purchase rights for minority shareholders were granted at a price of 63,348 won per share, a 30% premium over the base price of 48,729 won. From June 22 to July 13, 2026, 1,132 shareholders exercised their purchase rights for 585,898 shares, totaling 367.4887 billion won. Of these, 22 shareholders requested price adjustments for 5,787 shares, with the final payment to be determined through negotiation or court decision. The stock purchase period ended on July 15, 2026. The 580,111 shares acquired through purchase rights (excluding 5,787 shares with price adjustments) were fully canceled on July 21, 2026, as decided by the board on July 16. Emart's existing holdings of 257,029 shares were also canceled via board resolution on July 16. Following the exchange, Emart will no longer hold Sungkyunkwan Food shares, and the company's financials will reflect reduced assets and equity due to the stock purchase obligations.