KOSDAQ-listed Dual Industrial Co. will acquire management shares in a company having a controlling stake in another enterprise supposed to take over Bithumb. So there are expectations that Dual may take over Bithumb ultimately.

In its public notice Tuesday, Dual announced that it would acquire 57.41% of SG BKGroup PTE. LTD. for 235.7 billion won. To this end, Dual plans to raise 210 billion won through rights offerings and issuance of bonds with warrant and convertible bonds.

Dual expects to acquire the shares of SG BKGroup on Sept. 15. There will be various ways of funding before then.

SG BKGroup’s biggest shareholder is BK Medical Group Chairman Kim Byung-kun who holds 100% (10,000 shares). After the acquisition, Kim and Dual will retain 10,000 and 13,480 shares, respectively. SG BKGroup is headquartered in Singapore.

SG BKGroup is BK SG’s largest shareholder. BK SG is holding all stakes of BTHMB Holdings, which would take over Bithumb. Namely, SG BKGroup is holding a controlling stake in the company that would acquire Bithumb.

Established in August 1993, Dual Industrial is a company developing and manufacturing interior carpets and materials for automobiles. In terms of consolidated financial statements, Dual’s sales and operating loss in the first quarter of this year amounted to 13.2 billion won and 500 million won. Dual’s largest shareholder is Widwin Investment Fund No. 38 with 26.33%.

Other investors in Dual including Balhae Consortium raised funds to acquire Bithumb, revolving around Dual. Considering that Dual has nothing to do with blockchain or cryptocurrency, Bithumb may be seeking a backdoor listing through Dual.

With regard to the deal, Bithumb said, “There is nothing to confirm.” /shim@decenter.kr

Shim Doo-bo