[Edaily Reporter Kim Hyun-ah ] HUMAX CO., LTD.(115160)is simplifying its group governance structure by merging with its holding company, Humax Holdings Co., Ltd. The strategy is to complete the transition from a set-top box-focused business to a mobility platform company and to fully reflect the results of this business restructuring in the company’s value.

HUMAX CO., LTD. and Humax Holdings Co., Ltd. announced on the 2nd that they each held board meetings on the 30th of last month and approved a resolution for HUMAX CO., LTD. to merge with Humax Holdings Co., Ltd.

The merger ratio is 0.96 shares of HUMAX CO., LTD. common stock for each share of Humax Holdings Co., Ltd. common stock. This was calculated using the statutory reference price under the Capital Markets Act. The merger date is October 1, and the surviving company will retain the name “Humax.”

This merger is seen as the culmination of the business restructuring the group has been pursuing for several years. Building on the technological expertise accumulated from its existing set-top box business, HUMAX CO., LTD. has been transitioning its business portfolio toward automotive electronics, electric vehicle charging systems (EVCS), parking and charging (CPO), fleet management, and mobility platforms.

In particular, the company explains that by eliminating the dual-listing structure—which previously separated the holding company from the operating company—it has simplified its corporate governance and laid the groundwork for more clearly reflecting business performance in corporate value. It is also expected to proactively address this year’s strengthened listing maintenance requirements.

The company’s competitive edge is also strengthening. Its subsidiary, Winnercom, supplies automotive antennas to HyundaiMotor and KIA CORPORATION, among others, while its electric vehicle charging business is expanding into European markets—starting with the UK and moving into Germany and France. Next-generation charging technologies, such as OCPP (Open Charging Protocol) and V2G (Vehicle-to-Grid), are also being implemented.

HUMAX CO., LTD., a core subsidiary, posted a profit in the first quarter of this year with consolidated revenue of 63.4 billion won. Its sub-subsidiary, HiParking, operates parking lots with a total capacity of 290,000 spaces at approximately 1,400 locations nationwide and generated revenue of about 200 billion won last year.

HUMAX CO., LTD., the electric vehicle charging subsidiary, operates more than 20,000 chargers nationwide and holds a market share of approximately 26% in the Jeju region. The company is also expanding its integration with mobility services such as the car-sharing platforms “TuruCar,” “TuruTaxi,” and “TuruDriver.”

Following the merger, Humax Holdings Co., Ltd. will integrate its corporate AI transformation (AX) solution capabilities into the mobility business. The company plans to enhance business synergies through AI-driven operational efficiency improvements and the development of new services.

HUMAX CO., LTD. plans to use this merger as an opportunity to establish a single listed entity structure and strengthen communication with investors. This decision stems from the assessment that the previous structure, which separated the holding company from the operating company, did not fully reflect the group’s growth potential and business value to the market.

The companies also made significant efforts to ensure the fairness of the merger process. Both companies formed special committees led by outside directors to review the merger’s purpose, the appropriateness of the exchange ratio, and the protection of shareholder rights and interests. They also sought advice from external expert institutions, including the law firms Gwangjang and Class Han-gyeol, as well as the accounting firms Ichon and Bohyeon.

Jeong Chang-soo, CEO of HUMAX CO., LTD., stated, “This merger will serve as an opportunity to fully realize the results of our business restructuring by uniting the group’s technological capabilities and global business competencies,” adding, “We will work to enhance both corporate value and shareholder value.”

Meanwhile, the two companies plan to complete the merger on October 1, following approval at the shareholders’ meeting on August 28. Shareholders opposed to the merger may exercise their right to demand the purchase of their shares from August 28 through September 17.