Yogiyo, Korea’s second largest food delivery app has recruited new CEO from internet platform developer SK Planet as it readies for a bigger grocery delivery market with its new parent GS Retail which in a consortium bought the company from German Delivery Hero last year.

Wesang LLC, operator of Yogiyo, announced Monday that it has appointed Suh Seong-won as new chief executive officer of the food delivery app company. Suh is former CEO of SK Planet, internet platform developing subsidiary of Korea’s leading mobile carrier SK Telecom. He also headed telecom service provider SK telink.

Suh will start work on May 16.

The announcement comes as Yogiyo gets ready for its collaboration with GS Retail in fresh grocery delivery service. GS Retail in a consortium with two private equity firms acquired Wesang from Delivery Hero Korea in October last year. The retail company, running convenience store and supermarket chains, is seeking to expand its grocery delivery service business by connecting its brick-and-mortar stores to Yogiyo’s last-mile delivery network.

On Monday, GS Retail scaled up its maiden ESG-themed bond issue by 20 percent to 250 billion won ($198 million) amid hot demand from investors.

It attracted 600 billion won for its 150 billion won worth offering of 3-year bond, and 250 billion won for 50 billion won worth of 5-year bond, resulting with oversubscription by more than four times at the book-building session on April 26.

In response to the sizzling demand, the company decided to expand its bond issues to 250 billion won from initially planned 200 billion won.

The yield of its 3-year bond was set at 0.01 percent and that of 5-year bond at 0.07 percent.

Investors have found GS Retail’s bonds attractive for its positive credit outlook, noted an analyst. Korea Ratings, a Seoul-based credit rating agency, adjusted up its credit outlook on GS Retail to positive at the end of last year. Korea Investors Service and NICE Investors Service are maintaining their outlook at stable.

The company’s decision to issue ESG-themed bond in five-year also worked out favorably, earning the highest S-1 rating on sustainability bond by Korea Ratings.

GS Retail plans to use the proceeds from ESG issues on supporting medium and small-sized partners and convenience store franchisees.

It will float the ESG bonds on Wednesday through its five underwriters, including Korea Investment & Securities.

ESG bonds are debt instruments for investment on environmental, social and corporate governance criteria.

On Tuesday, shares of GS Retail closed 1.01 percent lower at 29,400 won. Wesang is not listed.

By Kang Woo-seok and Cho Jeehyun

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