Displaying items by tag: Eugene Group

South Korea: South Korea’s leading ready-mix concrete producer Eugene Concrete is exploring the possibilities artificial intelligence (AI) offers to its vertical supply chain. Singaporean construction and logistics technology specialist Pan-United says it has signed a memorandum of understanding with Eugene Concrete, allowing the latter to evaluate the possibility of integrating Pan-United’s AiR scalable digital system into its existing operations. The aim is to accelerate digital transformations in areas including the replenishment of raw materials, management of customer orders and e-billing and quality control checks at batching plants. Chung Jinhak, Eugene Group CEO, said, “Through this partnership with Pan-United, we seek to digitalise our entire end-to-end operations.”

South Korea: Eugene Group intends to increase its stake in Tongyang up to 25%. The South Korean conglomerate has expressed its interest in leading Tongyang, including its cement subsidiary, according to Maeil Business.

“Tongyang has tens of thousands of shareholders without a significant major shareholder after its workout program,” said Chung Jin-hak, head in charge of construction materials unit of Eugene Group. “As of late last year, among 34,000 shareholders, only four companies including Eugene Group and Pine Tree Investment and Management own more than 1% stake each.”

Tongyang’s largest shareholder Eugene Group holds a 10.01% stake in the company, followed by the 9.74% owned by Pine Tree Investment and Management. Eugene Group plans to buy shares through all possible measures such as purchasing shares directly from major shareholders, in a block trade or in the market. Eugene Group has highlighted potential synergies between its own concrete business and Tongyang.