 |
[Apha Biz=(Chicago) Reporter Paul Lee] Ssangbangwool announced on the 16th that it received an objection to the delisting on the Korea Exchange.
Ssangbangwool was decided on the 15th of last month to meet the criteria for delisting as a result of the review of the eligibility of listing by the Corporate Review Committee.
Ssangbangwool made a public announcement earlier on July 7 as the prosecution's investigation revealed former chairman Kim Sung-tae's embezzlement and breach of trust. The Korea Exchange suspended sovereignty trading because it is subject to a real review of listing eligibility, and on August 21, it decided to be subject to deliberation by the Korea Communications Standards Commission in accordance with Articles 48 (2) and 49 (1) of the Stock Market Listing Regulations. And as the results of the committee came out last month, Ssangbangwool was decided to delist.
However, Ssangbangwool submitted an objection to delisting to the exchange. Under Article 25 of the Listing Regulations, an objection can be filed with the exchange within 15 business days of receiving a notice of delisting, which was the expiration date of the objection.
The exchange will hold a listing disclosure committee within 20 business days from this day to deliberate on whether to delist. Within three days from the date of deliberation, it will be decided whether to abolish the listing and grant an improvement period.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
