S.Korea’s hy buys Mesh for Vroong delivery service

South Korea’s hy, formerly Korea Yakult, has acquired Mesh Korea, the operator of the delivery service Vroong that uses two-wheeled vehicles.

The move is part of hy's plan to expedite its transformation into a general distribution company of over 20,000 delivery personnel by securing Vroong know-how.

In an extraordinary shareholders’ meeting on Thursday at its headquarters in Seoul, Mesh Korea approved an amendment to its articles of incorporation to raise its number of issued shares from 20 million to 30 million.

This enabled a paid-in capital increase of 80 billion won ($61.6 million) through third-party allocation by hy, a measure approved at a Feb. 3 board meeting. hy’s stake in Mesh Korea is now 66.7%.

Write to Jiyoon Yang at yang@hankyung.com