쌍용건설

Global Sae-A Group (Chairman Kim Woong-ki) announced the closing of the transaction to acquire Ssangyong E&C.

On the morning of January 29, Ssangyong E&C held an extraordinary general meeting, where Global Sae-A Group, now the company’s largest shareholder, resolved the appointment of new board members. Back in October 2022, Global Sae-A signed a share purchase agreement (SPA) with the Investment Corporation of Dubai (ICD), the then-largest shareholder of Ssangyong E&C. After undergoing review and approval by the Korea Fair Trade Commission, Global Sae-A has completed the acquisition by paying the balance of the acquisition price, thereby becoming the new majority shareholder of the construction giant.

To enhance Ssangyong E&C’s financial status and actively support its sales activities, Global Sae-A will increase the builder’s capital in January of this year by issuing new shares worth KRW 150 billion (approx. USD 117 million). Once the capital increase is completed, Global Sae-A will hold 90 percent of the shares of Ssangyong E&C.