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Biz News Korea(Eng)

Crown Confectionery to turn into holding company system

Collected: 2016.10.23

Distributed: 2016.10.24

Source: Go Direct

South Korea’s Crown Confectionery Co. would turn into a holding company system 11 years after it took over the full stake in its competitor Haitai Confectionery & Foods Co..

Crown Confectionery announced on Friday that it would spin off its food division and the investment division would be operated as a holding company.

The date for the split is March 1 in 2017.

The holding company would be in charge of investments and management of its subsidiaries including Haitai Confectionery & Foods and Crown Confectionery.

“Under the holding company system, prompt and professional decision-making would be possible,” said an official of Crown Confectionery.

Shares of Crown Confectionery ended on Friday at 29,650 won, down 400 won, or 1.33 percent, from the previous session.

By Lee Sae-bom

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