[비즈한국] It has been confirmed through Bizhankook’s reporting that Sangha Queens, an affiliate of Maeil Holdings267980, dissolved last month and is currently undergoing liquidation proceedings. While it was expected that the company would continue its business—especially after Kim Eun-ji, a director at Sangha Farm and niece of Maeil Holdings Chairman Kim Jung-wan, was appointed as a registered executive earlier this year—the sudden dissolution has drawn significant attention to the reasons behind it.
Sangha Queens was established on January 14, 2022, by Sangha Farming and Fisheries Theme Park Co., Ltd., a subsidiary of Maeil Holdings, in partnership with the food-tech startup Queens Bucket. Sangha Queens operated a sesame oil workshop at Sangha Farm and was engaged in the production, distribution, processing, and sale of agricultural and fishery products. It was founded with a capital of 500 million KRW, with Sangha Farming and Fisheries Theme Park and Queens Bucket each holding a 50% stake.
However, changes to Sangha Queens’ capital and ownership occurred late last year through a non-proportional capital reduction. Queens Bucket participated in the reduction to recoup its investment, causing the capital to decrease to 250 million KRW. Sangha Farming and Fisheries Theme Park subsequently became the 100% owner of Sangha Queens, and the company was incorporated as a Maeil Holdings affiliate. Following this incorporation, Kim Eun-ji (37), a director at Sangha Farm and niece of Maeil Holdings Chairman Kim Jung-wan, was appointed as a registered executive of Sangha Queens on January 25 of this year. Director Kim is the daughter of Kim Jung-seok, former vice chairman and second son of the late Kim Bok-yong, founder of Maeil Dairies263920.
Director Kim Eun-ji had not previously served as a registered board member at Maeil Dairies or any of its affiliates. As a member of the owner family joined the board of Sangha Queens, the industry had kept a close watch on the potential for business expansion or management training.
However, Bizhankook confirmed that Sangha Queens has recently entered liquidation. It was revealed that the company dissolved during an extraordinary general meeting of shareholders on the 2nd of last month and is currently in the process of closing its operations.
A Maeil Holdings official explained, "Since Sangha Queens was operating within Sangha Farm, we went through with the dissolution for the sake of management efficiency. Director Kim Eun-ji remains a director at Sangha Farm, and there have been no changes to her other positions."