Curry to fully acquire Next Kitchen, aiming to boost convenience food competitiveness and export capabilities

*This content was translated by AI.

Retail tech company Curry announced on the 2nd that it will make its affiliate, Next Kitchen, a 100% subsidiary. Next Kitchen specializes in planning and developing home meal replacements (HMR) and restaurant meal replacements (RMR).

The acquisition is being pursued through a small-scale stock exchange involving new shares of Curry and existing shares of Next Kitchen. The stock exchange ratio between the two companies is 1:6.6 (Next Kitchen:Curry), and Curry plans to newly issue 334,926 common shares. Curry, which previously held a 46.4% stake in Next Kitchen, will secure the remaining entire stake through this stock exchange. The scheduled date for the stock exchange is December 7, after which Next Kitchen will continue to exist as a wholly-owned subsidiary of Curry.

Through the full acquisition of Next Kitchen, Curry plans to further elevate its competitiveness in the convenience food sector. By internalizing the entire process from planning and development to distribution for HMR and RMR, Curry aims to enhance the quality of high-end convenience foods while simultaneously strengthening its K-food export capabilities targeting overseas markets such as the United States. Additionally, Curry intends to restructure the governance and operational systems with Next Kitchen to pursue greater transparency and management synergies.

Meanwhile, following the completion of the subsidiary acquisition, Next Kitchen plans to appoint Choi Jae-hoon, Vice President and Chief Commercial Officer (CCO) of Curry, as its new representative director. "Next Kitchen is a company that has maintained robust growth based on its outstanding convenience food planning and development capabilities and operational know-how," said newly appointed Representative Director Choi Jae-hoon. "With this subsidiary acquisition, the convenience food competitiveness and export capabilities of both companies will be further upgraded."

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*This content was translated by AI.