Chapter 340 - Matchmaking (1) – Part 1
Chapter 340: Matchmaking (1) – Part 1
The next morning, Gun-Ho asked for President Song privately.
“I want to discuss further on the requirement of the company’s shares dispersion in order to go public.
“We currently have less than 500 employees. So, with our company’s current state, the required percentage on the stock dispersion is 30% which will result in a reduction of the major shareholder’s cut.”
“Hmm.”
“Also, if we try too hard to fulfill the 30% of the distribution requirement to our current employees of 260, forfeited shares could occur.”
“That makes sense. Some workers might not have enough money to acquire his or her rightful shares, and they could fail to meet the purchase requirement. Their shares will be forfeited then.”
“That’s right. The ideal scenario is that we grow this company to accommodate more than 500 employees before we register with KOSDAQ. That way, we are required to distribute only 10%.”
Pursuant to the KOSDAQ registration prerequisite, an applicant company must distribute 10% of the company shares if the company had more than 500 employees. Otherwise, 30% of the distribution was required.
“It wouldn’t be a very preferable situation for the employees either.”
“That’s right.”
“We narrowed our options down to two then. We either grow GH Mobile to hire 250 more workers, or we acquire or merge with another company that has 250 workers.”
“It seems like it, sir. The stock brokerage company that will help us register with KOSDAQ can also help us during our stock distribution stage. However, the most desirable way to handle the requirement is to distribute the required portion of our stock to our own employees.”
“I see. President Song, so your job will be to grow this company large enough to have more than 500 employees until we are ready to go public. Or, you can find a good company we can merge with.”
“Okay.”
Gun-Ho asked for the internal auditor.
“Mr. Internal Auditor, from now on, cease your effort in paying for our company’s debt until you hear further notice from me.”
“What do you mean by stop paying for our debt?”
“We already paid off most of our bad debts. So, now, we focus on accumulating our payments from our clients in the company’s bank account.”
“We need to continue to pay for our debts as we get our payments from our clients, so we can reduce the interest on the debts. We still have so many debts.”
“Even though we have to pay for the interest, leave our revenue in the bank account for a while. If we can’t get our company ready to fulfill the initial share distribution requirement until the time we need to register with KOSDAQ, we will probably have to make an M&A of a company that is in the same field as us. If that happens, we have to be loaded with enough funds to make it work.”
The internal auditor had been in the financial field for a long time. He quickly understood what Gun-Ho intended to do.
“Understood, sir.”
Gun-Ho visited Dyeon Korea that afternoon.
Dyeon Korea was doing well. Its sales revenue was gradually increasing along with its production. When Director Kim and Director Yoon heard that Gun-Ho was in his office, they went to the president’s office
“The machine no. 3 and no. 4 are actively manufacturing our products. We requested Mr. Adam Castler to make a request to Dyeon America to ship the machine no. 5 and no. 6 to us.”
“Machine no. 7 and no. 8 are the last machines that Dyeon America is supposed to provide?”
“Yes, sir. Eight machines are their investment-in-kind into this joint venture. If we need more equipment later, we will have to pay for them.”
“If we place all of those eight machines in place and make them 100% productive, what would be the maximum sales revenue we could possibly generate?”
“Well, I would say about 400 billion won.”
“With the first six machines, our entire production will cover the national demand. Once we get more machines and started producing more, we will have to expand our market to Southeast Asia.”
“I see. As to the hiring of workers who are not at a management level, you don’t have to inform me. Just discuss with Mr. Adam Castler before you hire them.”
“Understood, sir.”
After Director Kim and Director Yoon left Gun-Ho’s office, Mr. Adam Castler came in with the interpreter—Mr. Lee.
“The three engineers who had been sent by Dyeon America are going back to Seattle next week.”
“Time flies, huh?”
“They were supposed to stay with us for three months, but they have been here for more than three months now.”
“I do appreciate their work and dedication here.”
“They are grateful for the tour in Seoul, provided by the general affairs team’s manager the other day. They were very happy when they visited Gyeongbug Palace and Namsan Tower last time.”
“Haha. I’m so glad to hear that.”
“I have one more favor to ask of you.”
“Please feel free to speak.”
“I want to take them to dinner like a farewell dinner.”
“Of course, we can do that.”
“I’d like to take them to a traditional Korean restaurant where they can experience traditional Korean culture and food, rather than a modernized expensive restaurant or a Korean bar.”
“I will have someone to find one like that in this area—Asan City, Cheonan.”
“I actually talked with President Richard Amiel from Dyeon Japan before I came to your office. He said there is a very special place around here, where he was so impressed the last time he went there. He said you know the place, President Goo.”
“Do I?”
“He said that we can listen to a person playing a traditional musical instrument called Gayageum while we eat. It’s in Seoul.”
“Oh, I think he is talking about the bar/restaurant in Hannam Town.”
“That sounds right. That’s it.”
“Well, that restaurant is pretty expensive. I can introduce you to that place though if we pay for the dinner there with this joint venture’s funds.”
“Sure. We can pay for the dinner as the joint venture’s business expense.”
“Okay, then.”
“Their flight is scheduled for next Monday. Can we go there this coming Saturday?”
“Sounds good.”
“Why don’t you make a reservation for us? I hope you could come with us, sir.”
Gun-Ho asked for the accounting team’s manager. She used to work at GH Mobile as an assistant manager, and she had been reallocated to Dyeon Korea with a position promotion.
“You have our company’s business credit card, don’t you?”
“Yes, I do, sir.”
“Give it to Mr. Adam Castler on Friday evening. He will need it to treat our guests.”
“Understood, sir.”
Gun-Ho then made a phone call to Ms. Jang in Hannam Town.
“Oh, my. President Goo, it has been a while since the last time I heard your voice.”
“I’ve been in another city to establish a joint venture company. I couldn’t often go to Seoul.”
“I’ve been hoping for you to come to my bar since our bar’s interior has been redecorated. I’ve read about GH Gallery’s art exhibition in a newspaper. I was wondering if GH is the GH I knew, and I was right; the art gallery is located in your building in Sinsa Town.”
“Oh, you learned about our art exhibition in a newspaper.”
“I thought you were just in the manufacturing industry. I didn’t know you were interested in art as well. You are a very interesting man, President Goo. Haha.”
“Would you make a reservation for six people for this Saturday? Four of them are Americans. I want to show them the beauty of Korea.”
“Understood. Haha.”