Daedong-Korea Economic Daily TV exchange share to foster cooperation in future agricultural business
-. Daedong signed an MOU on the “Cooperation in Future Agricultural Business” with the Hankyung Media Group in September last year... Both partners ready for full-fledged promotion of smart farming business
- Share exchanged to accelerate the timeline for “digital transformation of agriculture” and “cooperation in smart farming business,” both of which are primary goals for both partners
Daedong Group's future ag-tech platform subsidiary Daedong (Co-CEOs Kim Jun-Sik and Won Yu-Hyun) announced on January 10 that it signed a deal to exchange shares as part of its strategy for “Future Agriculture Business Cooperation” with the Korea Economic Daily TV (CEO Cho Joo-hyeon).
Daedong’s corporate strategy revolves around promoting its ▲smart agricultural machinery, ▲smart mobility, ▲smart farms, ▲robotics, and ▲GME (agricultural and landscaping equipment) as future growth businesses. The company is also pushing to transform itself into a future agriculture (Smart Farming) platform company that delivers solutions for the entire agricultural cycle, including preparation for crop cultivation, sowing/growing, and harvesting/distributing. As part of this strategy, in September last year, Daedong signed an MOU on “future agricultural business cooperation” with the Hankyung Media Group, which produces agriculture-related content featured on its media channels. Hankyung also has an agricultural/rural blog, “The Farmer,” and an AI-driven agricultural product price index, the “Hankyung KAPI.”
Daedong plans to introduce Hankyung KAPI News content within the first quarter of this year in the “Daedong Connect App,” which the company is hoping to promote as an agricultural solution platform. Meanwhile, sometime during the second quarter of this year, Daedong plans to open a community on the Connect app and provide agricultural information/content from “The Farmer” to enable the exchange of various agricultural information between agricultural industry stakeholders within the app.
In order to secure momentum for mid- to long-term strategic projects, such as building a regional “ag-tech valley” and investing in and nurturing ag-tech startups while promoting future agricultural cooperation projects, the two companies exchanged and purchased shares worth KRW 3.9 billion on January 9. Daedong secured a 3% stake in 690,000 treasury shares worth approximately KRW 3.9 billion in Korea Economic Daily TV, a subsidiary of the Hankyung Media Group. On the other side of the deal, Korea Economic Daily TV acquired roughly 1% of Daedong shares by purchasing Daedong unsecured convertible bonds worth approximately KRW 3.9 billion as well.