Line Corp., a Japanese subsidiary of Naver Inc., plans to merge Line Part Time Job, Line's wholly-owned business dedicated to online recruiting for part-time jobs, by November this year, according to the Korean internet giant on Aug. 30.
Line gained approval from its board of directors the same day to proceed with the merger, Naver said in a regulatory filing.
The operator of mobile messenger Line said the merger is aimed at increasing efficiency in management and strengthening services.
The merger, due to take place Nov. 25, does not require shareholders’ approval under the Japanese law, though Line credit holders may submit letters of opposition from Oct. 11 to Nov. 11.
Launched in February 2014, Line Part Time Job operates an app in Japan that matches part-time job seekers and employers and offers personalized recommendations to job applicants.
Line Part Time Job recorded 5.8 billion yen ($54.5 million) in revenue and a net loss of 3.8 million yen in 2018. Its assets stood at 1.6 billion yen as of end-2018.
Naver, headquartered in Seongnam City, southern Gyeonggi Province, owns 73.16 percent of Tokyo-based Line as of Aug. 30.
By Son Ji-hyoung (email@example.com)