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Photo courtesy of Yonhap News |
[Alpha Biz= Paul Lee] SEOUL – The Korea Exchange (KRX) announced on July 31 that it has granted preliminary approval for Samyang Holdings’ planned spin-off and relisting, as well as for Myungin Pharmaceutical’s new listing.
Samyang Holdings will spin off its pharmaceutical and biotech division into a new entity tentatively named Samyang Biopharm, which will be separately listed on the exchange. According to industry sources, the split ratio is set at 0.9039233 for Samyang Holdings and 0.0960767 for Samyang Biopharm.
Following the split, CEO Eom Tae-woong will continue to lead Samyang Holdings, while CEO Kim Kyung-jin will head Samyang Biopharm, which will take charge of the group’s pharma and biotech operations.
In a separate decision, the KRX also granted preliminary listing approval for Myungin Pharmaceutical. Established in November 1988, Myungin produces and sells a range of prescription and over-the-counter medicines. The company reported ₩269.6 billion in revenue and ₩90.1 billion in operating profit last year.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
