E-Land Park will strengthen corporate competitiveness and financial soundness through the appointment of a new CEO and a capital increase.
E-Land Park announced in a public disclosure on Oct. 2 that it has appointed Yoon Sung-dae, a former CFO, as its CEO. In addition, the company announced that it will increase its capital by 60 billion won through a public offering of the shares forfeited by shareholders.
To bring fundamental innovation to the E-Land Group's leisure business, the company filled its key posts with talented officials in their early 30s. They include CEO Yoon who is 38 years old, the new chief financial officer, the new head of the domestic business division and the new chief of the platform business division.
On the other hand, 58-year-old Park Myung-wook, who has successfully led the development and operation of a hotel in Saipan, was appointed as vice-president of E-Land Park.
For the capital increase, E-Land World and E-Land Retail will invest 30.6 billion won and 29.4 billion won, respectively, in E-Land Park. The company will issue 1,530,625 common shares at 39,200 won per share. E-Land Park will use the funds raised through the capital increase to improve the financial structure of itself and its subsidiaries.
E-Land Park expects to make operating profits even after spinning off its food service division into E-Land Eats, and lower its debt ratio from 398 percent at the end of 2018 to 210 percent this year.