Polaris Sewon Transfers Control of Polaris Uno... Repositions KRW 57.3 Billion in Assets

Polaris Group is transferring control of Polaris Uno to a new owner and reshaping its business portfolio around artificial intelligence (AI). The strategy is to improve financial flexibility by monetizing some of its investment assets while focusing its capabilities on future growth businesses centered on software and AI.

Polaris Sewon said on the 22nd that it had signed an agreement to transfer management control of Polaris Uno by selling its existing shares in Polaris Uno and convertible bonds (CBs) held by Polaris Investment Partnership to Lumens Bios.

The transaction is worth a total of KRW 57.275 billion. Under the deal, Polaris Sewon will sell 1.9 million existing shares in Polaris Uno for approximately KRW 13.775 billion, while Polaris Investment Partnership will transfer its convertible bonds for KRW 43.5 billion.

The transaction is expected to proceed after the closing procedures, including payment of the remaining balance, are completed on December 11. The change in the largest shareholder will also take place through the relevant procedures after closing. Polaris Sewon will continue to hold approximately 4 million shares in Polaris Uno after the transaction.

Through the transfer of management control, Polaris Group plans to strengthen the business expertise of each affiliate and pursue a group-wide strategy of focusing on selected businesses. Under its new management, which has experience in manufacturing and materials, Polaris Uno will seek to expand its global business and pursue additional growth opportunities.

Polaris Uno has built a global production and sales base focused on synthetic hair fibers and chemical materials for wigs. On a consolidated basis, it recorded revenue of KRW 101.8 billion and operating profit of KRW 7.8 billion last year, achieving its highest-ever performance since its founding.

Roa & Co. Group, to which buyer Lumens Bios belongs, operates businesses focused on manufacturing, including semiconductor equipment, advanced materials, and automotive electronics. Polaris Group expects the partnership with a new owner experienced in manufacturing and materials to further strengthen Polaris Uno's business competitiveness.

For Polaris Sewon, the sale of investment assets is also expected to improve liquidity. The company plans to use the transaction to enhance its financial flexibility, respond to uncertainty in the business environment at home and abroad, and establish a foundation for actively pursuing new investment opportunities.

At the same time, it plans to retain its remaining stake and share in any increase in Polaris Uno's corporate value resulting from its medium- to long-term growth.

A Polaris Group official said, "This transaction is a strategic decision to develop Polaris Uno's manufacturing competitiveness and global business base under new management while streamlining the group's business portfolio. Through the recovery of its investment assets, Polaris Sewon will strengthen its financial stability and liquidity and establish a foundation that will allow it to prepare for an uncertain business environment and respond flexibly to future growth opportunities."

Meanwhile, Polaris Group is incorporating AI technology into its existing software business while expanding its AI operations into industrial settings. It is developing an AI agent business based on the document and collaboration software of Polaris Office and Polaris AI Handy, while expanding into physical AI fields, including industrial vision AI and humanoid robots, with Polaris AI at the center.

Going forward, the group plans to combine the industrial sites of its manufacturing affiliates, including Polaris Sewon and Polaris AI Pharma, with the technological capabilities of its AI and software affiliates to build an AI ecosystem spanning both work environments and manufacturing sites.

This content was produced with the assistance of AI translation services.