KG Mobility announced the official appointment of Chairman Kwang Jae-Sun to KGM Commercial, marking the start of his rapid initiatives towards early management normalization of the company.

The inauguration ceremony held on the 6th at the KGM Commercial factory in Hamyang was attended by Chairman Kwang Jae-Sun, CEO Kim Jong-Hyun of KGM Commercial, and CEO Jung Yong-Won of KG Mobility, along with relevant employees.

In his speech, Chairman Kwang stated, “I welcome all employees who have become part of the KG family and support the new start of KGM Commercial.” He emphasized, “If each of us fulfills our roles in our respective positions, not only can we achieve early management normalization, but we can also grow into a respected and proud company.”

KGM Commercial had received unanimous approval from 100% of secured creditors and 74.19% of rehabilitation creditors during the creditor meeting held at the Changwon District Court in September, surpassing the required consent rate for the approval of its rehabilitation plan, which was subsequently confirmed by the court.

Accordingly, KGM Commercial is optimistic that the faithful implementation of its rehabilitation plan, including debt repayment, capital reduction, and debt-to-equity conversions, will greatly improve the company’s financial soundness and capital structure, while also revitalizing its management activities.

KGM Commercial plans to focus on expanding its product lineup, including medium-sized buses and large intercity buses, enhancing collaboration in research and development and purchasing sourcing with KG Mobility, improving profitability through increased efficiency, and expanding its sales volume by entering global markets, aiming to grow into a comprehensive eco-friendly commercial vehicle company.

Meanwhile, KG Mobility held a press conference last September to announce its future development strategy, revealing plans to diversify its offerings from SUVs to commercial vehicles through the launch of KGM Commercial and implement integrated mobility services, thereby providing users with a One Stop Mobility Service and establishing a user-centric mobility environment.

Lee Sang-Jin daedusj@autodiary.kr