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[Alpha Biz=(Chicago) Reporter Paul Lee] Osstem Implant, South Korea's No. 1 implant company, has applied for voluntary delisting 16 years after being listed on the KOSDAQ market. Last year, it was on the verge of being kicked out due to the largest embezzlement case ever, but it revived, but after many twists and turns, it will take steps to voluntarily delist.
According to the Financial Supervisory Service's electronic disclosure system on the 28th, Osstem Implant announced on the same day that it submitted an application for delisting to the Korea Exchange.
Currently, the largest shareholder of Osstem Implant is 96.09% (14,967,235 common shares) and minority shareholders are 3.91% (609,253 shares). Whether to delist or not will be made according to the results of the exchange's review.
The transaction was also suspended from 2:44 p.m. due to the application for delisting of Osstem Implant. Whether the suspension period is a decision to delist or not.
Osstem Implant entered the KOSDAQ market on February 7, 2007. Earnings and stock prices have continued to grow since its listing, but as the embezzlement case of 221.5 billion won, the largest in the history of listed companies, broke out early last year, it was on the verge of being kicked out of the KOSDAQ market.
A month after the suspension of the transaction, the exchange began reviewing the delisting of Osstem implants and decided to maintain the listing of Osstem implants after much consideration. As a result, stock trading resumed on April 28 last year, but was eventually sold to private equity funds after a management dispute while the company was shaking.
Since then, the largest shareholder, MBK Partners and UK Consortium Dentistry Investment, has been pursuing voluntary delisting through stock tendering. The company held a board meeting on the 18th of last month to decide to convene an extraordinary shareholders' meeting for voluntary delisting and held an extraordinary shareholders' meeting as scheduled to approve the delisting.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
